Secure Trust Bank Commercial Finance has backed venture capital investors Mission Capital with a £3m facility to support the firm’s future acquisitions in the manufacturing sector.
Mission Capital, founded in 2014, looks to invest or acquire manufacturing or distribution firms in the UK, with a five year plan of building a portfolio consisting of these types of businesses.
Go deeper with GlobalData
The £3m (3.95m) investment from Secure Trust Bank will aid in providing working 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 bought a West Midlands-based upholstered furniture manufacturer, which has been producing sofas and chairs for the domestic market for nearly 30 years, and has revenue of £14m and currently employs 160 staff.
Martin Jackson, investment manager at Mission Capital, said the manufacturing and distribution sector traditionally had issues with working capital and that the ABL facility would allow their acquisitions to function healthily.
Sean Powell, national sales director at Secure Trust Bank Commercial Finance, said the bank had a strong background in supporting private equity-led transactions.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData"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," said Powell.
