Chesterfield, UK — TMAT Ltd, a manufacturer of acoustic components for tractors and excavators, has secured additional funding from venture capitalists Advent Partners LLP to support its future growth.
The new cash injection follows a year of investment by TMAT in plant, processes, people and R&D and on the back of the company posting turnover results of between £10 and £15 million (US$16-24) a year.
Over the first half of 2013, sales grew 6% which outstripped the 1% improvement in sales seen across UK manufacturing as a whole and TMAT’s gross profit for the period was also up 10%.
On June 20 this year, Urethanes Technology International reported that Advent Partners LLP was keen to divest its TMAT interests
Advent managing partner David Gee said the firm was still keen to sell. Co-managing partner Andrew Ramsbottom said “It’s been a hugely successful year for TMAT and we’ve made this investment to support the business’ rapid growth.”