Tyre manufacturer Dymag, has announced it is to receive £3.6m in investment from private equity group Puma Private Equity.
Dymag currently employs 32 members of staff at its headquarters in Chippenham, Wiltshire, and plans to expand its business with a move to a larger premises in the new year. The move is expected to create a number of new jobs in its design and production divisions.
Chris Shelley, CEO, 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.
“We continue our goal of making Dymag the technology of choice available anywhere in the world. Working with strategically chosen partners enables us to tune our products and business model to the needs of each market.
He added: “In North America we have partnered with Forgeline, Brixton and ADV.1 to bring our technology to market with performance and luxury wheel brands who know what their customers want. We have products in the pipeline for automobiles and motorcycles that serve OEM, aftermarket and tuner markets. And our commitment to racing and performance applications is unwavering.”
Tommy O’Sullivan, managing director at Puma Private Equity, added: “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.”