A County Durham engineering firm is to create 100 new jobs after securing nearly £2m of investment.
Maven Capital Partners (“Maven”), one of the UK’s most active private equity houses, has, through its management of two regional funds, provided £1.95 million of capital to Dyer Engineering Ltd, the largest independent engineering business in the county.
Dyer is based at Annfield Plain.
The North East Development Fund, supported by the European Regional Development Fund and the Finance Durham Fund, established by and using funds from Durham County Council have respectively invested £1 million and £750,000, with an additional £200,000 sourced from a local private investor.
The investment will support the company’s growth plans to exploit new opportunities in multiple industries and will 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. The company’s three distinct divisions offer a full suite of services, from initial design to product manufacture. BatchLine manufactures high-integrity metal components for the automotive and rail sectors; TechProjects fabricates complex, larger structures, from design concept to production for the oil and gas and renewable energy sectors. JobShop provides repair and maintenance engineering services to support clients with their in-house manufacturing and process operations.
Several of the markets that Dyer Engineering serves are experiencing growth with rail in particular being a very active sector underpinned by government funding. Dyer Engineering’s client base includes a number of large companies, including Hitachi Rail, Siemens, BAE Systems, Cummins and Nexus.
The seven individuals who form the senior management team have more than 150 years’ combined experience across a range of relevant businesses and industries. Managing Director, Graeme Parkins, has over 30 years’ experience in engineering working for Rolls Royce and Tharsus before joining Dyer Engineering in 2011. Richard Bradley, Finance Director, has over 15 years’ experience in senior financial roles including as European Head of Finance for Formica before joining Dyer Engineering. James Robson MBE, Non-Executive Director, was the founder of Exwold Technology in Teesside, North East Chairman of the Entrepreneurs’ Forum, an Investment Committee Member for NEL Fund Managers and has worked in the NorthEast for over 30 years.
Graeme Parkins, Managing Director of Dyer Engineering, said “We are absolutely delighted to have received this investment into our company. 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.”
Jamie Fraser, Investment Manager of Maven, said, “Dyer Engineering 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 how Maven’s regional funds can work together effectively 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.”
Sarah Slaven, Operations Director at Business Durham said: “The Finance Durham Fund was created to support business to achieve their ambitions. We are confident these investments in Dyer Engineering will position them for growth into the next decade. County Durham has a significant engineering and manufacturing sector of which Dyer Engineering is an important part, we look forward to continuing to work with them as they expand and create new jobs. I hope this news will encourage other businesses in Durham to consider applying for funding to enable them to reach their potential.”
Cllr Carl Marshall of Durham County Council said: “We are delighted to be able to support another County Durham business in its efforts to grow through our Finance Durham Fund. The money we have given along with that provided by other agencies is allowing the company to create jobs which will in turn boost the local economy. Dyer Engineering has a proud history in County Durham from its early days servicing the mining industry to a business which has really adapted and innovated as it has grown. We wish the firm well in playing its part in making County Durham a truly great place to live, work and visit.”