An engineering company which supplies components to Formula 1 has been bought out by its management team in a multimillion-pound deal.
Precision Technologies International makes components such as drive shafts and transmission gears which it sells to both engine manufacturers and directly to teams.
A management team led by entrepreneur Kevin Parkin with Colin Palin and Patrick Walker has acquired the business with £1.2 million of support from Finance Birmingham and additional funding from Panoramic Growth Equity and Santander Invoice Finance.
Founded in the 1960s, Precision Technologies International also manufactures products for other motorsports such as A1 GP, Indy and Moto GP and has also built up a client portfolio in the aerospace, oil and gas and medical sectors.
The new funding will see it expand its current offering and develop to enter new markets such as nuclear and defence.
At least 15 new highly skilled jobs, including a number of apprenticeships, will be created.
Kevin Parkin, chief executive of Precision Technologies International, said: "We are keen to retain high-quality engineering expertise in the UK and PTI is certainly at the cutting edge of providing specialist low-volume components that are used in extremely demanding conditions.
"To maintain this service, from manufacturing to the testing and inspection of products, there is a demand for an engineering expertise that can only be achieved by a dedication to apprentice training and a philosophy of continuous improvement.
"The support from Finance Birmingham will help us to commit to these areas and to explore new opportunities."
Ian Fairclough, investment director at Finance Birmingham, added: "PTI has an excellent reputation for producing high-value components for a wide range of clients.
"The workforce is highly skilled and this, combined with the business's ability to collaborate with its customers, allows it to design and manufacture unique components to suit a variety of needs.
“The company's potential to strengthen its offering is evident through its plans to drive revenue, not only with its existing customers, but by entering new markets.
"The support from Finance Birmingham will accelerate this by allowing the business to invest in the additional staff and operations needed to do so."
Finance Birmingham's investment has been provided as part of the £56 million Mezzanine Fund which is open to small companies across the West Midlands and supported by the Regional Growth Fund.
Legal advice on the buyout was provided by Nabarro, Freeths, Gateley, Vialex and Irwin Mitchell while corporate finance was provided by Castle Square Corporate Finance and Seneca.
Due diligence was provided by PwC (financial), Carlton Strategic Advisors (commercial) and TL Dallas (insurance).