Leading venture capital firm Midven has invested £250,000 into electronic design and development provider, Assembled Electronics Solutions Limited (AES). This investment follows Midven being appointed to manage the £35 million equity finance portion of the Midlands Engine Investment Fund (MEIF) in the West Midlands.
The investment will give Warwickshire-based AES capacity to recruit additional technical and sales staff over the next twelve months, accelerate product development, strengthen sales processes and expand marketing activities.
Established in 2012, AES focuses on providing outsourced electronic design and development services across a wide range of industries. It constructs a diverse range of products, which include automotive lighting, medical equipment and security devices.
Midven’s investment coincides with AES’s desire to commercialise its range of proprietary technologies, which will complement both its design and production work.
Nigel Maris, Managing Director at AES, said: “This investment gives us a fantastic opportunity to develop and market strong internal IPR products and really progress our marketing activities. We’re looking forward to working with Midven, who will offer strategic advice, guidance and work in partnership with us as we work towards increasing our sales in the microelectronics and electro-mechanics industry.”
Midven has been investing in Midlands SMEs for more than 25 years across a broad range of sectors, including manufacturing, healthcare and software. It has a strong track record of high-value exits and has created more than 25 millionaires by delivering strategic support and advice. Midven was recently appointed to manage the £35 million equity portion of the Midlands Engine Investment Fund (MEIF) and is actively investing the funds throughout the West Midlands.
Surjit Kooner, Director at Midven, added: “AES has fantastic potential which, with added financial support, will continue to provide and create high-quality products and expand its development services across automotive, aerospace, medical and defence industries.”
Grant Peggie at the British Business Bank, said: “Electronic design is a highly-skilled industry with significant growth opportunities. Midven’s investment in AES demonstrates the type of innovative growing companies that the Midlands Engine Investment Fund has been set up to support. We look forward to seeing the next phase of AES’ business journey progress.”
Sean Farnell, Coventry and Warwickshire Local Enterprise Partnership Board Director, said: “It is great AES is expanding its business in Warwickshire and underlines its commitment to innovation, design and manufacture of which AES and the area as whole is renowned for.”
The MEIF project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The Midlands Engine Investment Fund provides Debt Finance, Small Business Loans, Proof of Concept and Equity Finance ranging from £25,000 to £2 million, specifically to help small and medium sized businesses across the Midlands to secure the funding they need for growth.
The Midlands Engine Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank.
It is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
The MEIF covers the following LEP areas: Black Country, Coventry & Warwickshire, Greater Birmingham & Solihull, Stoke-on-Trent and Staffordshire, The Marches, and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham & Nottinghamshire (D2N2) Greater Lincolnshire, Leicester and Leicestershire, and South East Midlands in the East Midlands.
The project is receiving up to £78,550,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry for Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding.
The funds in which Midlands Engine Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, the West Midlands and East & South East Midlands.