County Durham engineering firm to create 100 jobs with £1.95m capital boost
County Durham’s largest independent engineering business has secured multi-million pound funding to support its growth plans.
Dyer Engineering Ltd will use a £1.95m boost from private equity house Maven Capital Partners to take advantage of new opportunities in multiple industries and create up to 100 jobs for the region.
Dyer specialises in machining and fabricating complex metalwork and components for the rail, marine, power, automotive and offshore sectors.
It operates three divisions – automotive- and rail-focussed BatchLine; TechProjects, which targets the oil and gas and renewable energy sectors; and JobShop, which supports clients with their in-house manufacturing and process operations.
Maven backed the firm through its management of two regional funds; £1m from The North East Development Fund, supported by the European Regional Development Fund, and £750k from Durham County Council’s Finance Durham Fund.
On top of the cash from the two funds, a local private investor provided £200k.
Graeme Parkins, MD of Darlington-based Dyer Engineering, said: “We are absolutely delighted to have received this investment into our company.
“We have a vision to create a world class engineering business here in the heart of County Durham providing world class metal components and structures to our customers and world class jobs to our employees.”
He added: “This investment is a rubber stamp of our plan and will allow us to turbo charge the business’ progression over the next few years towards our goals.”
Maven investment manager Jamie Fraser commented: “Dyer Engineering is a leading manufacturing business serving a number of high growth markets, driven by a strong management team with real vision and dedication.
“The joint investment is a fantastic example of how Maven’s regional funds can work together effectively to provide a local business with a substantial funding package to enable it to grow significantly.”
Business Durham operations director Sarah Slaven said: “The Finance Durham Fund was created to support business to achieve their ambitions. We are confident these investments in Dyer Engineering will position them for growth into the next decade.”
Cllr Carl Marshall, of Durham County Council, commented: “Dyer Engineering has a proud history in County Durham from its early days servicing the mining industry to a business which has really adapted and innovated as it has grown.
“We wish the firm well in playing its part in making County Durham a truly great place to live, work and visit.”