BLACK Country galvanizing group B.E. Wedge Holdings has grown its stake in German firm Siegener Verzinkerei from 24% to 49%.
The company was founded in Willenhall more than 100 years ago by John Wedge and is one of the UK’s largest hot dip galvanizing firms with 14 UK-based plants as well as interests in Europe and America.
B.E. Wedge claims to hold a 30% share of the UK galvanizing market and this latest move is aimed at increasing its profits in the European market.
It has a group turnover of £95m and processes anything from 1.5mm thick washers to 29-metre beams.
The group secured £11.5m funding from Lloyds TSB Corporate Markets for the shareholder increase.
Jon Parsons, financial director at B.E. Wedge, said: “Although our roots remain very much in the West Midlands we are committed to driving growth through international as well as UK investment.
“The additional investment we have made has in turn enabled Siegener to acquire the remaining two thirds of the widely respected Dutch galvanizing group Nedcoat, making it now a wholly owned subsidiary.”
Chris Pennick, relationship director at Lloyds, added: “It is now an exceptionally successful international player and we were pleased to support this latest step in its growth strategy with the funding the business required.”
