Sertec raises £20m from BGF and Lloyds Bank

The capital injected will support the management team's expansion plans in the robotics and presses sectors, as well as a site upgrade. As part of the deal, Mike Bauton has been appointed non-executive chairman.

Following the deal, the founding Mosedale family will now be retiring from the business, leaving Grant Adams as CEO and Dave Steggles as managing director.

Previous funding
In August 2015, Lloyds Bank provided a £20m working capital facility for the business.

Company
Established in 1962 in Coleshill, Sertec produces aluminium and steel parts from five operating sites across the Birmingham area; the parts are then supplied to automotive companies including Jaguar Land Rover. The company generated £200m in revenues in 2015.

People
Business Growth Fund – Ian Downing (investor).
Lloyds Bank – Andy Clarke (regional director); Chris Pennick (relationship director).
Sertec – Grant Adams (CEO); Dave Steggles (managing director); Martyn Hughes (finance director).

Advisers
Company – Weightmans (legal).

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