Independent manufacturer Sertec has secured a new £20 million funding package while its founding family is leaving the business after a relationship lasting half a century.
The Coleshill-based company, which specialises in stampings and welded assemblies, has agreed the new capital deal with the Business Growth Fund (BGF) and Lloyds Bank Commercial Banking.
It will support the management team's continuing expansion plans for the 54-year-old business.
The manufacturer is a supplier to Jaguar Land Rover among others and produces more than three million parts per week.
It said it had enjoyed significant growth over the last eight years with sales rising from £40 million in 2008 to approaching £200 million today.
The new funding from the BGF and Lloyds will allow Sertec to accelerate its growth strategy and comes in addition to a £20 million working capital facility provided by Lloyds last August.
As a result, it invested heavily last year across all of its operating centres in new robotics, presses and site upgrades.
This year will also see the completion of a new £16 million press shop at its Coleshill factory where 13 new transfer and progression presses will be fully operational within the next 12 months.
Following the reshaping of the company which began in 2006, the founding Mosedale family will now be retiring from the business.
Leading the company will be chief executive Grant Adams, Dave Steggles, who succeeds Mr Adams as managing director, and finance director Martyn Hughes.
The trio have almost 90 years of experience working at Sertec while Mike Baunton has been appointed as non-executive chairman.
He is currently chairman of The Society of Motor Manufacturers and Traders' Industry Forum and precision component group VTL.
Mr Adams said: "Bringing BGF on board complements the strong partnership we have enjoyed with Lloyds Bank for over 50 years and allows us additional flexibility for our ambitious growth plans.
"The combination provides a well-balanced source of support and funding, both now and in the future.
"While we share important plans with JLR, we must also expand our customer base and extend our geographical reach into Europe.
"It is testament to our potential that this is BGF's largest single investment in the automotive industry to date."
BGF was established in 2011 by five UK banks - Barclays, HSBC, Lloyds, RBS and Standard Chartered - to help SMEs grow by investing capital into a business in exchange for equity.
Advisers on the deal included Weightmans for Sertec, KPMG and Shoosmiths for BGF and Gateley for Lloyds Bank Commercial.