Maven backs largest independent engineering firm in County Durham
Maven has invested £1.95 million in Dyer Engineering (Dyer), the largest independent engineering business in County Durham, via two of the regional funds it manages. The North East Development Fund, backed by the European Regional Development Fund, and the Finance Durham Fund established by Durham County Council, have co-invested to support Dyer’s growth plans and to help create up to 100 new jobs in the region.
Dyer Engineering specialises in the machining and fabrication of complex metalwork and components for the rail, marine, power, automotive and offshore sectors, and has a large blue-chip client base which includes Hitachi Rail, Siemens and BAE Systems.
Maven manages several regional debt and equity funds across the Midlands and North East/West of England, including the Northern Powerhouse and Midland’s Engine. Alongside its established private equity division, Maven can offer flexible funding options in support of a diverse range of dynamic SMEs across the UK, providing up to £15 million of capital in a single transaction and supporting businesses at every stage of their growth cycle. Dyer is an excellent example of a business which has benefitted from the introduction of these two funds to the North East.
“We have a vision to create a world class engineering business here in the heart of County Durham providing world class metal components and structures to our customers and world class jobs to our employees. Our ethos of SmarterStrongerTogether™ is all about who we are and how we do things on our journey to becoming a world class company. This investment is a rubber stamp of our plan and will allow us to turbo charge the business’ progression over the next few years towards our goals.”
Graeme Parkins, Managing Director at Dyer Engineering
Dyer was founded in 1977 with the company originally manufacturing pipe fittings and has a proud history in County Durham, having also supported the local mining industry. Since then the business has diversified in other industries and now employs 150 staff. The £1.95 million investment will support the businesses ambitious growth plans and help it to significantly invest in its workforce.
“We are delighted to support Dyer Engineering’s ambitious growth plans. This is a leading manufacturing business serving a number of high growth markets, driven by a strong management team with real vision and dedication. The joint investment is a fantastic example of Maven’s regional funds working together to provide a local business with a substantial funding package to enable it to grow significantly. We look forward to working with the team and supporting their vision of becoming a world class engineering business.”
Jamie Fraser, Investment Manager at Maven