UK aerospace manufacturer, Aeromet International, has secured a £2.5m asset-based lending (ABL) facility from Cynergy Business Finance (CBF).

Operating over three sites in Worcester, Sittingbourne and Rochester, Aeromet has over 40 years of experience in supplying flight critical parts. It is a supplier of precision magnesium and aluminium castings to major global aerospace and defence original equipment manufacturers (OEMs) and Tier 1 suppliers.

The business was acquired by private equity firm Privet Capital in 2015, which undertook a deep restructure of the business, along with additional investments to enhance operational capabilities and create sustainable long-term value.

CBF worked closely with the Privet Capital and Aeromet team to structure a flexible ABL facility providing additional working capital to support the business through its next phase of growth.

Steve Keating, chairman at Aeromet International Limited, said: “With over 40 years in the industry, Aeromet is now an established critical service provider in the global aerospace and defence industry.

Aerospace manufacturer Aeromet secures £2.5m facility from Cynergy Business Finance It has been great to work with Hannah, Paul and the CBF team, and this new working capital injection will help set us up for further success as we enter our next stage of growth.”

Hannah Crow, corporate sales manager at Cynergy Business Finance, added: “Aeromet has seen impressive growth in recent years, and coupled with their decades of experience and strong relationships with some of the most well-known organisations in the aerospace sector it is clear that they are set to continue on this upward trajectory.

“We are pleased to be supporting such an innovative business, providing it with additional working capital to support their future growth plans.”