MHA Lighting secure £750k North West Fund investment
Manchester LED business MHA Lighting has set out plans to double its turnover after raising a £750,000 investment from The North West Fund for Energy & Environmental.
The company hopes to achieve its goals by the end of 2013 after recording a £1.5m turnover in 2012.
Based in Atherton, MHA Lighting manufacture LED lighting solutions that offer energy savings for both indoor and outdoor spaces for the commercial and industrial sectors.
The fund was offered from a £1.5m funding round with venture capital firm, Harwell Capital, and managed by CT Investment Partners.
Founded in 2009, the business now employs 34 staff and supplies to several blue-chip organisations in the public and private sectors.
Some of their most recent work includes the installation of 2,140 LED lights in multi-storey car parks at Manchester Airport, the design and installation of bespoke precision lighting a Skelmersdale-based manufacturer Scott Safety, and the installation of lights at one of Wigan’s busiest car parks to reduce its energy output by 45%.
The North West Fund for Energy & Environmental is jointly financed by the European Investment Bank and the European Regional Development Fund alongside Harwell Capital and other shareholders.
Managing director, Tom Harrison, who is an expert in high-end and high-reliability electronics, commented: “This is a landmark investment which will enable us to take our business to the next level both in the UK and internationally.
“We will use the funds to invest in research and development and expand our manufacturing facilities even further.
“All our lighting is designed, developed and manufactured in the North West. We are completely committed to growing our manufacturing presence in the UK and expanding our customer base of blue-chip organisations.”
The business will use the investment to expand and export to other countries including Scandinavia, France, Germany, the Middle East and Australia.
Rupert Gladitz, chief executive of Harwell Capital, said: “We are delighted to be supporting MHA Lighting with this investment at an exciting time as they capture the opportunities in the high-growth LED lighting market.
“The company has built an extensive list of blue-chip customers already enjoying substantial energy savings with the innovative MHA Lighting technology.”
Adam Workman, partner at CT Investment Partners, added: “MHA has spotted a significant gap in the market by developing innovative, unique and cost-effective lighting solutions.
“We expect the business to continue its rapid growth and deliver pioneering solutions to both public and private sector clients.”
Adam Workman and managing partner of Cormorant Corporate Finance, Nicholas Morant, who advised on the deal, will both join MHA’s board as non-executive directors.
This was posted in Bdaily's Members' News section by Miranda Dobson .