BGF injects £4m into VTL

The investment saw BGF taking a minority stake in the company and a seat on VTL's board.

The fresh funds will be used to support VTL's organic growth by expanding its customer base and products range.

Company
Huddersfield-based VTL develops and manufactures precision-engineered transmission and turbo components for commercial and passenger vehicles. Customers include Cummins, Toyota, Renault and Nissan.

Established in 2001, the company now employs more than 400 people and generates annual revenues of around £50m.

VTL operates through four manufacturing facilities and an R&D centre in Huddersfield. It has further manufacturing facilities in Charleston, USA, and Dharwad, India, as well as a sales office in Yokohama, Japan.

People
BGF put forward Michael Baunton as non-executive chairman. Baunton joins from the Society of Motor Manufacturers and Traders where he was interim CEO. Bruno Jouan is CEO of VTL.

Advisers
Company – Squire Sanders, Richard Hunt (Legal).
Equity – Addleshaw Goddard (Legal); Sentio Corporate Finance (Financial due diligence); Smith & Williamson (Tax).

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• Topics
• UK / Ireland
• Industrials
• Expansion
• BGF (Business Growth Fund)
• United Kingdom