AD Bird Stainless, a South Yorkshire supplier of precision, specialist stainless steel, has secured working capital to fund an acquisition of AKM Steels, a supplier of tool steels for the engineering industry.
The seven-figured asset-based capital, which was provided by Wyelands Bank, will also allow AD Bird Stainless to expand its product range and expand into serving new markets and customers.
This latest capital follows an initial working capital facility provided to AD Bird Stainless last December.
The acquisition of AKM Steels is a strategic move to expand its range of product portfolios and steel grades. This will make it better placed to serve the engineering and tool making sector.
Nigel Bird, MD of AD Bird Stainless, said: “This funding with Wyelands Bank was critical to help us to bring AKM Steels into our fold. The bank’s team took the time to get to know our business and ensure the solution met our needs.
“Like us, AKM Steels is a longstanding South Yorkshire family business offering quality product, fast delivery times and excellent technical support. It will give us a much wider product offering benefitting the customers of both companies.”