Smethwick glass manufacturer secures £2.5m funding deal

SPECIALIST Birmingham glass manufacturer MiGlass Group (MiG) has secured a £2.5m funding package from Royal Bank of Scotland. 

MiG – which is backed by private equity house Key Capital Partners – is one of the largest independent glass processors and glass manufacturers in Europe.

It operates from a 55,000 sq ft factory from which it provides a turnkey solution for all flat glass processing needs and specialises in flat glass decorative products for all markets.

Originally established as Midland Industrial Glass, MiG has more than 75 years of glass expertise.

The funding package provided by Royal Bank of Scotland’s corporate transactions team includes a term loan of £1.5m and £1m working capital facility.

The package will support MiG’s growth strategy to develop its brand and support continued investment in its factory.

Alan Taylor, the firm’s MD, said “MiGlass has been growing well over a number of years and with ambitions to continue this growth we recognised that we needed a banking partner who could provide the suite of services and resources to fully support us.”

Royal Bank of Scotland was represented by Ondrej Okeke, director of its corporate transactions team. Advisers to MiG included BDO and Mills & Reeve and Shoosmiths advised the bank.

Okeke said: “MiG is a well-established specialist local manufacturer with a strong management team. They have invested well in the business over the years and manufacture high-end products to a wide range of customers and sectors.

“We are delighted to support the next phase of the company’s development alongside existing investors Key Capital Partners and assist their growth aspirations.”