Greater Manchester-based LED lighting manufacturer MHA Lighting aims to double turnover by the end of the year following a £750,000 investment from The North West Fund for Energy & Environmental, managed by CT Investment Partners, as part of a £1.5million funding round along with venture capital firm Harwell Capital.
The company, which is based in Atherton, is an award-winning manufacturer of LED lighting solutions thatprovide unrivalled energy-savings for both internal and external lighting applicationsto the commercial and industrial sectors.
MHA recorded turnover of £1.5million in 2012 and is on target to reach £3million by the end of this year.
Managing director Tom Harrison, who is an expert in high-reliability and high-end electronics, founded the company in 2009. The business, which currently employs 34 staff,has a strong manufacturing base in the UK and supplies to a number of blue-chip organisations in the public and private sectors. Examples of recent projects include:
• The installation of 2140 LB Lite LED lights fitted in the multi-storey car parks at Manchester Airport,which have helped to reduce its carbon footprint by achieving 57% energy savings. This is playing a major part in Manchester Airport Group’s plan to be the first airport group to have carbon neutral ground operations by 2015;
• The installation of Rodlitesat the NEC in Birmingham, creating energy savings of 50% which increased to more than 70% with the use of intelligent controls and software to dim lighting to just 10% when unused; and
• The installations in corridors, reception areas and wards across 26 North Devon hospitals has achieved energy savings of up to 75% at a time when the Government has set the NHS tough targets to reduce CO2 emissions.
The investment was provided by The North West Fund for Energy & Environmental, which is financed jointly by the European Investment Bank and the European Regional Development Fund, along with investment from Harwell Capital and existing shareholders.
MHA will use the investment to expand the business even further and is looking to export its products to overseas territories including Scandinavia, France, Germany, the Middle East and Australasia.
The firm is also creating a number of sales, technical and production roles to support its expansion.
Tom Harrison said:“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 andexpanding our customer base of blue-chip organisations.”
Adam Workman, partner at CT Investment Partners, which manages The North West Fund for Energy & Environmental, said: “We are really pleased with thisinvestment in MHA Lighting. The company has a highly-motivated and skilled workforce that has manufactured a product that can shine light sideways into an encapsulation, providing safe and efficient light output.
“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.”
Rupert Gladitz, CEO of Harwell Capital, added: “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 and managing partner of Cormorant Corporate Finance Nicholas Morantwill join the board of the company as non-executive directors.
Cormorant Corporate Finance advised MHA on the transaction. KBL Solicitors provided legal advice to the company and BrabnersChaffe Street advised The North West Fund for Energy & Environmental.
Technical due diligence was performed by C-Tech Innovation.
