Support from Lloyds has helped the UK’s largest hot dip galvanising firm continue its expansion into global markets after doubling its stake in a German-based business.
BE Wedge Holdings has grown its share in Siegener Verzinkerei Holding from 24.5 per cent to 49 per cent after securing an £11.5 million investment package from Lloyds Bank Corporate Markets.
The additional investment has enabled Siegener to acquire the remaining two thirds of the widely respected Dutch galvanising company NedCoat Group, the largest galvanising group in Holland.
The move will enable BE Wedge Holdings to enhance its already strong presence across continental Europe.
Germany-based Siegener will now have wholly-owned subsidiaries in the Netherlands and Belgium as well as joint ventures in the Czech Republic, Slovakia and Turkey.
Founded in Willenhall by John Wedge, and with a history in galvanizing dating back 150 years, the family-controlled BE Wedge Holdings has a group turnover in excess of £95 million and enjoys a 30 per cent share of the UK galvanizing market.
It currently operates a network of 14 galvanizing plants across the UK under Wedge Group Galvanizing.
Jon Parsons, financial director of BE Wedge, said: “While our roots remain very much in the West Midlands, as a company we are committed to driving forward growth throughout not just the UK, but internationally too.
“Securing this funding package has enabled us to increase our stake in Siegener Verzinkerei Holding, which will allow us to increase our presence in a business that is already successful and ensure we are in a strong position for future growth and prosperity.”
Jeremy Woolridge, chairman of BE Wedge Holdings, said: “This deal takes place at a particularly exciting time for the company.
“As well as continuing our long-standing policy of international expansion, which now encompasses over 40 facilities worldwide, we are also pressing ahead with additional investment in the UK, with the construction of a new £5 million state-of-the-art galvanizing plant at South East Galvanizers in Witham, Essex due to start next month.”