Dunlop deal to create jobs and improve growth…
The deal, for an unspecified amount, led by Springboard Corporate Finance, will support the firm’s continued expansion and create more than 15 new jobs in the next two years.
Dunlop designs and manufactures advanced electronic control systems and air suspension components for the automotive and ancillary industries. The investment will be used to fund the company’s growth plans.
The company, with its long Midlands heritage dating back to 1890, was formed in 2007 following a management buy-out of the Coventry based suspension division from the previous owners Trelleborg AB. Under the stewardship of its Managing Director Chris Davis, the business has invested heavily in its infrastructure and capabilities by moving into a purpose built state of the art facility at Prologis Park in Coventry in 2014.
Chris Davis, Managing Director of Dunlop Systems and Components, said:
“As a company we have invested heavily in the infrastructure of the business and now have industry leading capabilities. We are now firmly positioned as an air suspension systems integrator with OEM capabilities. What makes us unique is the ability to service lower volume air suspension requirements, including niche and the aftermarket.
“We are also able to undertake test, development and proving work for third parties using our extensive development laboratory facilities. This refinancing will enable the Company to capitalise on this investment and deliver substantial growth in our UK and export markets.”
David Neate, Partner at Springboard Corporate Finance, said:
“Dunlop is a leading global supplier to the automotive sector and this additional funding will enable the company to drive forward its growth by investing in its staff base and product development. This strategy has already seen Dunlop secure a number of new contracts with leading international automotive groups.”
Marcus Hook, Investment Director at Finance Birmingham, said:
“Dunlop is a well-established and impressive automotive manufacturing business, with strong customer and supplier relationships and a number of exciting global opportunities ahead of it. The recent move to its purpose-built first class production facility gives the business the capability to deliver on a number of innovative products being developed in the sector. Finance Birmingham aims to support ambitious businesses with huge potential, and the funding package we have provided alongside ABN-Amro will help Dunlop deliver on such exciting prospects.”
Dunlop was advised on the transaction by Springboard Corporate Finance, with a team led by Partner David Neate and executive Jonathan Wright. The Finance Birmingham team comprised Marcus Hook with Guy Walsh leading the transaction for ABN-Amro Commercial Finance. Legal advice to Dunlop was provided by Zanna Patchett at Hill Hofstetter and Wright Hassall advised Finance Birmingham.
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