Avid plans for growth

Avid plans for growth

A leading manufacturer of electric vehicle components based in Cramlington is set for further growth after raising £3.4m from a capital funding round led by NVM Private Equity.

NVM Private Equity (NVM) has invested £2m as part of a £3.4m funding round in AVID Technology Ltd, a market leader in the design and manufacture of electrified vehicle powertrain systems.

The funding will increase engineering and manufacturing capability and capacity at its Cramlington facility to meet the needs of its customers.

NVM are the leading investors but also participating in the funding round are existing investors North East Technology Fund (NETF), managed by IP Group plc, and new investors Downing LLP.  

Andy Hales, previously a corporate finance partner in KPMG’s diversified industrials team, has invested in AVID and will join the board as chairman.

Hale said: “I am pleased to be joining AVID. I’ve worked across the global engineering sector, and see significant opportunity for UK specialist engineering companies, especially those with AVID’s strong reputation for innovation, quality and delivery.”

Ryan Maughan, managing director of AVID, added: “This investment builds on the success of our fantastic team with our customer base of blue chip vehicle manufacturers and operators across the world. 

“It will allow AVID to develop its engineering and manufacturing capabilities, to continue our mission of improving the efficiency and environmental impact of the most polluting vehicles. 

“I am very grateful for the continued support of IP Group's NETF and the new investments from NVM and Downing who have recognised the capability of the AVID business.

“I am looking forward to working with the team to continue to deliver the vision for the business.”