BGF re-invests in VTL Group
The Business Growth Fund (BGF) has invested £1.5m in the VTL Group, a manufacturer of components for the automotive industry.
The capital injection will support VTL's eight-year project to supply engine components to Jaguar Land Rover for use in the company's new engine platform. HSBC provided the group with loan funding as part of the round.
BGF has so far committed £5.5m to the company: the investor previously backed the group with £4m in September 2013. The investor took a minority stake in the company and a seat on the board.
Company
Huddersfield-based VTL develops and manufactures transmission and turbo components for commercial and passenger vehicles. Customers include Cummins, Toyota, Renault and Nissan.
Established in 2001, the company now employs 480 people and generates annual revenues of around £70m.
VTL operates through four manufacturing facilities and an R&D centre in Huddersfield. It has further manufacturing facilities in Charleston, US and Dharwad, India, as well as a sales office in Yokohama, Japan.
People
Bruno Jouan is chief executive of VTL. Andy Gregory is regional head of the north for BGF.
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