Birmingham-based Metpro secures major funding for growth
The high-growth manufacturer and distributor of cable management products has announced new investment from BGF, NatWest and existing shareholders.
Metpro, a high-growth manufacturer and distributor of cable management products, has announced a £21m investment.
The funding round comprises of £13 million investment from BGF, alongside an £8.5 million investment from NatWest, and further capital investment from Metpro’s existing shareholders.
Founded in 1995, the Birmingham-based business has built a strong reputation for designing and manufacturing value-added cable management products and accessories for a wide range of industries and sectors, supplying into the European wholesale and OEM markets.
Products include steel conduit tube, channel lengths, bracketry and many other associated products. The company is best known for its own innovative fast-fit conduit system, Conlok® – part of the Demon Cato range of contractor friendly products.
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.”
BGF’s investment will support ongoing product innovation and meeting increasing customer demand, benefiting from significant market drivers such as electrification, infrastructure investments, and labour shortages. 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.
BGF investor Seb Saywood added: “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.”
Arthur Rudge, Executive Chair of Metpro said: “I am extremely pleased to be able to find such a valued partner in BGF who will enable the further growth of the company and give me the opportunity to divest an element of my shares. As a team, we are excited for the future and know that we now have a partner who shares the same vision.
David Neate, commenting on the transaction for Evolve, said: “Metpro is a good example of a Midlands success story, with its dynamic, entrepreneurial and innovative team driving growth, it has successfully built a market leading reputation in its sectors. This funding round will enable the company to fully capitalise on the market opportunity and we are delighted to have supported the team in finding the right funding partners.”
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.