£21m investment to fuel growth for manufacturer
Specialist manufacturer and distributor Metpro® has announced a £21m investment in the business following a funding round.
£13m has been secured from BGF, £8.5m from NatWest and further capital investment has come from existing shareholders.
Founded in 1995, the Smethwick-based business designs and manufactures cable management products and accessories for a wide range of industries and sectors, supplying into the European wholesale and OEM markets.
The investment will support product innovation and help meet increasing customer demand.
The deal was led by Seb Saywood, David Bellis and Sam Giurani investors in BGF’s Midlands team, and arranged by Evolve Corporate Finance, led by partner, David Neate.
Mark Fiddy, CEO of Metpro®, said: “Our business has a clear and defined growth strategy that centres on product innovation, quality, and customer service. This approach has seen our distinct product range expand significantly in recent years, as we meet the changing and complex needs of the mechanical and electrical sectors.
“There is a significant and increasing market demand supporting our growth. We’re delighted to be working alongside BGF, developing a partnership that will allow us to access the funding, experience and expertise we need to take advantage of the opportunities that lie ahead.”
Seb Saywood said: “We’re delighted to be able to support such an impressive local business and highly capable management team, led by CEO Mark Fiddy. This investment showcases Metpro® as an example of West Midlands industrial innovation and capability. It is also great to work with so many Midlands advisers and funders to put a deal like this together. This is a fantastic Midlands deal in every sense, that has leveraged BGF’s strong regional footprint.”
Metpro® transactional lead: David Naylor, Metpro® Finance Director
Local advisors on the deal were: Evolve Corporate Finance (David Neate and Doug Allan); Evolve Debt Advisory (Pete Talbot); NatWest UK Financing Solutions (Chris Lewis, Michelle Lister and Vinny Bhogal); Cortus Transaction Services (Paul Kithoray and Phil Dean); Claritas Tax Advisory (Iain Wright); Browne Jacobson on BGF legals (Mike Jackson, Matt Bolton, Alys Bratch, Shaun McCabe and James Busby); and Ansons Solicitors (Paul Bennett and Cristine Schneider) – sell-side legals.
