A Sandiacre firm specialising in plastic and metal injection moulding has secured a £250,000 from the Midlands Engine Investment Fund (MEIF) debt finance, managed by Maven Capital Partners.
HPM will use the funding package to supplement its working capital, strengthen its presence in the region and hire three additional staff. The deal follows the recent acquisition of HPM by Bage Technologies in June.
HPM produces customised components, sub-assemblies, complete product assemblies and testing for various industries including the aerospace, automotive, medical, electronics and engineering sectors. The firm specialises in metal injection moulding and uses a unique process called metal sintering, which gives the business a technical and commercial advantage over its competitors.
Andrew Eyre, managing director at HPM said: “We are extremely excited to receive the funding from MEIF and Maven, which will allow us to fulfil our growth strategy whilst contributing to regional development. We look forward to working with Maven and drawing upon its expertise over the upcoming years.”
David Tindsley, investment manager at Maven said: “HPM is a well-established and strongly performing business and we are delighted to provide the firm with the funding it requires to grow. We look forward to working with the team and helping HPM capitalise on new market opportunities.”
Lewis Stringer, senior manager at the British Business Bank, said: “The MEIF can invest in a wide range of Midlands’ businesses, with manufacturing remaining the most active sector currently. This investment into HPM further confirms the region’s strength in manufacturing. We’d encourage other businesses within the area to consider the funding options available through MEIF.”
Alicia Corby at Gateley Legal and Jay Mehta of DWF advised Maven in relation to the loan.
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