Mobeus backs Hemmels

The growth equity investment was made through the GP's VCT and the value was not disclosed; Unquote understands it is less than £5m.

The fresh capital will be used to scale up the company's engineering, R&D and marketing capability.

Hemmels is expected to increase its workforce significantly, both at its headquarters in Cardiff and by opening a new office in Los Angeles later this year. It currently employs 30 people.

Mobeus investment executive Josh Levy will join the company's board.

Company
Hemmels was founded by Jon Curley, Joseph Sullivan and two other partners in 2016. The company restores and sells post-war Mercedes-Benz sport cars. The models it has worked on to date are the 190SL, 280SL Pagoda, 300SL Gullwing and the Roadster. The company is headquartered in Cardiff and currently employs 30 people.

People
Mobeus Equity Partners – Josh Levy (investment manager).
Hemmels – Jon Curley (CEO).

Advisers
Equity – Marriott Harrison (legal); Bishop Fleming (financial due diligence); Goodman Derrick (commercial due diligence).
Company – Lexington CF (corporate finance); Capital Law (legal).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom
• Wales
• Mobeus Equity Partners