Insider Media Limited

Willenhall-headquartered manufacturer BE Wedge Holdings has secured £11.5m of funding from Lloyds Bank Corporate Markets to grow its stake in German business Siegener Verzinkerei.

The 100-year-old company said the move will grow its stake in the German business from 24 per cent to 49 per cent.

The £95m-turnover business said the stake increase will help drive its international growth.

Its financial director Jon Parsons said: "Although our roots remain very much in the West Midlands we are committed to driving growth through international as well as UK investment.

"This funding from has enabled us to increase our stake in Siegener Verzinkerei Holding – an already successful business and one of the largest galvanising groups in Germany, which also has affiliated companies in the Czech Republic, Slovakia and Turkey.

"The additional investment that we have made has in turn enabled Siegener to acquire the remaining two thirds of the widely respected Dutch galvanising group Nedcoat, making it now a wholly owned subsidiary.

"We are very satisfied with the outcome as it gives us wider exposure to the markets where we foresee stronger growth potential and expands our geographical presence which now encompasses over 40 facilities worldwide."

BE Wedge, which said it is the "UK's largest hot dip galvanising group", has 14 UK-based plants as well as interests in galvanising businesses throughout Europe and the United States.