Bank backs venture capital investment firm with £3m
THE Manchester office of Secure Trust Bank Commercial Finance has backed venture capital investors Mission Capital with a £3m facility to support its acquisitions in the manufacturing sector.
Founded in 2014, Mission Capital looks to invest in innovative manufacturing and distribution firms in the UK, helping them to achieve their growth potential.
Mission is made up of a group of partners who each have a successful track record of buying and building businesses in this sector in the UK
The investment from Secure Trust Bank will help provideworking capital facilities to both finance future acquisitions and provide expansion funds for anticipated growth over the next three to five years.
As part of the deal, Mission Capital has recently completed its first transaction, acquiring a West Midlands-based upholstered furniture manufacturer. The business, which has been producing sofas and chairs for the domestic market for nearly 30 years, has revenue of £14m and currently employs 160 staff.
Secure Trust Bank’s national sales director Sean Powell said: “With a strong background in supporting private equity-led transactions, we are delighted to have had the opportunity to work with Mission Capital on the completion of its first acquisition.
“Our ability to structure full Asset Based Lending facilities in a creative manner together with direct access to decision makers can often provide an excellent fit for the private equity market.”
Mission Capital investment manager Martin Jackson said: “Mission Capital has made good progress over the last 18 months. We saw potential in the manufacturing and distribution sector, but the sector has traditionally had issues with working capital.
“Secure Trust Bank’s facility enabled us to invest with more freedom and provided flexibility to grow our portfolio post-investment. I am looking forward to developing our relationship as the business continues to expand.”
