Substantial £1million loan to help Midlands’ homelift manufacturer reach new heights
Homelift manufacturer Stiltz has received a £1million loan from the Midlands Engine Investment Fund (MEIF) to help it achieve its ambitious growth plans and meet growing global demand.
Focusing on helping small and medium-sized businesses secure vital funding needed for growth and development, the MEIF debt funds, managed by Maven Capital Partners, provide finance of between £100,000 and £1.5million for businesses based in the Midlands.
The Kingswinford-based domestic lift supplier has enjoyed rapid growth since launching in 2010, with its swift expansion into new markets and continuous launch of new product ranges enabling Stiltz to capture a significant share of the emerging homelift sector.
Aiming to continue this growth, Stiltz will now use the debt package to invest in a number of key areas of its business, including upgrading its internal systems and IT infrastructure, investing in more stock, as well as creating 16 new jobs in the region.
“We are delighted to have received this funding, which will support our expansion plans as we continue to make our products available to those who need them the most,” commented Mike Lord, Chairman and CEO of Stiltz.
“Our business is centred around our customers and homeowners whose quality of living is dependent on mobility solutions such as ours, and we strive to develop products that make a genuine difference to these peoples’ lives. We are very excited about Stiltz’ next phase of growth and look forward to working with the MEIF team over the coming years.”
Ranking in 2019’s annual Sunday Times Lloyds SME Export Track 100 for a third successive year, Mike noted that whilst Stiltz has developed a strong presence in Europe, the company is also expanding its presence in Asia and Africa where it expects “these markets to continue to grow significantly.”
With the world’s growing ageing population, the mobility industry has seen increased activity from private equity investors, keen to gain a foothold in the independent living market. In 2015, there were around 901 million people aged 60 years and over worldwide, representing 12.3 percent of the global population. By 2030, it estimated this will have increased to 1.4 billion or 16.4 percent, according to the Office for National Statistics (ONS).
Steve Lewis, Investment Director at Maven Capital Partners, said: “Stiltz is a well-run business in a growing sector, which manufactures innovative and valuable products to their customers, making a positive difference to their lives. With this funding boost from MEIF Maven Debt Finance, the company will unlock several exciting opportunities, further accelerating the firm’s rapid growth.”https://thiis.co.uk/substantial-1million-loan-to-help-midlands-homelift-manufacturer-reach-new-heights/https://i1.wp.com/thiis.co.uk/wp-content/uploads/2019/07/04-Peter-Geobey-Mike-Lord-Stiltz-and-Steve-Lewis-MAVEN-Capital-Partners.jpg?fit=1000%2C667&ssl=1https://i1.wp.com/thiis.co.uk/wp-content/uploads/2019/07/04-Peter-Geobey-Mike-Lord-Stiltz-and-Steve-Lewis-MAVEN-Capital-Partners.jpg?resize=150%2C150&ssl=1Investments & FundingNewsroomSupplier Newsdomestic lift,exports,homelift,investment,loan,Maven Capital Partners,MEIF,Midlands Engine Investment Fund,Mike Lord,Stiltz,Through Floor LiftHomelift manufacturer Stiltz has received a £1million loan from the Midlands Engine Investment Fund (MEIF) to help it achieve its ambitious growth plans and meet growing global demand.Focusing on helping small and medium-sized businesses secure vital funding needed for growth and development, the MEIF debt funds, managed by Maven...Calvin BarnettCalvin Barnettcalvin@thiis.co.ukAdministratorTHIIS Magazine