High potential SME gains access to finance and growth support resulting in business generating a profit and doubling turnover.
Coega Autospray operates in an attractive niche market within the automotive industry supplying small sprayed plastic parts to OEMs; primarily VW and General Motors. The technical skill required to operate proficiently in this niche is rare, and Terry Van der Mescht, with the assistance of his family, has built a company that consistently produce high quality products.
Their quality has won them large contracts with the main players in the industry as well as numerous awards.
Coega approached the Vumela ESD Fund who, after an in-depth due diligence, made a debt- equity investment in the business in 2011, providing growth capital.
Although a company with profit potential, Coega was not yet profitable and required a relatively small amount of capital, hence struggled to obtain finance from the banks and private equity funds.
Funding returns SME to positive growth trajectory, allowing her to meet the demand of 200 clients and save existing jobs.
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