Puma Private Equity closes £3.6m investment in wheel manufacturer, Dymag
Puma Private Equity has completed an investment of £3.6 million into Dymag Group, the British designer and manufacturer of carbon hybrid automotive wheels. Established in 1974, Dymag is a pioneer in carbon wheel technology and expects a record 2019, with the investment fuelling its global growth plans.
Tommy O’Sullivan, Managing Director at Puma Private Equity, commented:
“Dymag is positively disrupting the automotive wheel market with its new carbon wheel products. Significant investment in its products and processes has strengthened the business and allowed the team to build on the brand’s long-standing motorcycle racing heritage. The company is now well-placed to accelerate growth and establish itself as the global leader in this niche market.”
Dymag, which employs 32 skilled staff at its base in Chippenham, Wiltshire is set to expand its operations with a move to larger premises in early 2019 and the creation of a significant number of jobs across its design and production capabilities. This investment will help accelerate development of the company’s product pipelines and bring further innovation to its manufacturing processes to meet growing demand for carbon hybrid technology.
Chris Shelley, CEO of Dymag, said:
“Following a comprehensive search for the right partner to help us at this stage of our development, we chose to work with Puma Private Equity given the team’s understanding of technology and manufacturing, plus their long-standing commitment to supporting British businesses.”
Building on its impressive history of innovation and technology in motorsport, Dymag launched the first commercial carbon motorcycle wheel in 1996 and the first carbon hybrid automotive wheel in 2004. Following the growing popularity of electric and hybrid engines and the search to optimise efficiencies in petrol and diesel technology, there has been an increasing flight to carbon. As testament to this, leading brands including BMW, Rolls Royce, Porsche, McLaren and Ford have all launched carbon wheel programmes in recent years. Dymag is well-placed to direct this shift, with the support from Puma Private Equity helping the brand position itself for future growth.
About Puma Private Equity
Puma Private Equity is a leading provider of growth capital to small and medium-sized businesses across all sectors and regions of the UK, delivering investments between £2-10 million and partnering with management teams to accelerate growth and help businesses achieve their potential.