A car component manufacturer and supplier has secured £4 million in new funding.
Coleshill-based Sertec has agreed the finance deal with BGF, five years after the investor supported the firm alongside Lloyds Bank with a £20 million package.
This latest round of funding will be used to support the European expansion plans of the company which counts names such as Jaguar Land Rover and Nissan among its clients.
It comes six months after Sertec hit the headlines following the launch of a consultation into more than 400 potential redundancies across its six sites in the West Midlands.
Sertec operates across eight factories, with plants in Hungary and Germany and a tooling technical centre in China alongside its operations in the region.
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Since BGF's initial investment in 2016, the business has expanded its customer base, invested in new technologies and established a larger European footprint through acquisitions and new hires.
More recently, it has secured new contract wins in the electric vehicle and lightweight technology markets and completed a battery component assembly line in Coleshill.
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Commercial director Ben Higgins: "We’re ambitious about continuing to grow the company and BGF’s additional investment allows us to build on the strong foundations we’ve put in place across our European footprint.
"It is a welcome boost at the end of a very difficult year in which Sertec, like many other businesses, has been subject to the most incredibly challenging market conditions.
"Our industry has been severely hit by the pandemic, resulting in us taking difficult and painful decisions such as the redundancies announced in 2020.
"At the time, we went through an intensive period of negotiation with our union, with the prime objective to protect as many jobs as possible.
"Ultimately, the decision was an extremely difficult one but was taken to ensure that Sertec and its remaining workforce were safeguarded for the future.
"Around 45 per cent of those redundancies were voluntary redundancies from long-serving staff members, many with 30 or 40 years of service and we thank them, and all of our former colleagues, for their years of service.
"Having endured the worst of the economic ravages of the pandemic, we now begin the year with a strong foundation from which Sertec can build for the future.
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"A series of significant new business wins in 2020 have given us a fantastic platform for growth in 2021, with a key focus on our new programmes for EV and battery technology set to provide the opportunity for business expansion throughout the year."
BGF investor Tom Horton added: "BGF's renewed commitment to Sertec is testament to the strength of the business' leadership and ongoing investment in new technologies.
"In a very challenging year, the company has continued to secure significant, long-term contracts as it expands its customer base.
"We look forward to working with the team in its next chapter of growth."
Law firms DLA Piper and Shoosmiths acted on the funding deal.