DEVELOPMENT CAPITAL: Wirral-based Sovex Limited was set up in 2002 by directors David Lindfield and Malcolm Dooley and was later joined by another director, Michele Dematteis.
The company specialises in the design, manufacture and installation of vehicle loading and parcel handling systems. Its blue chip client base includes, DHL, DPD, Hermes, UK Mail, and Yodel.
MSIF initially invested in Sovex by way of a small loan. The company grew rapidly and later received two subsequent investments of £400k and £750k to support the company’s significant expansion plans. In the last two years Sovex has doubled its workforce, now employing 105 staff. Turnover increased from £8m in 2011 to £13m in 2012 and £19m in 2013. Export began in 2011 and now accounts for £6million of the company’s turnover.
MSIF’s funding has enabled Sovex to expand into Europe and establish a manufacturing facility in Malaysia.
Managing Director Michele Dematteis said "MSIF’s investment allowed us to develop quickly and successfully, filling a gap where our bankers couldn’t support us. MSIF really took the time to understand our business and is so much more than a finance provider."
"In the beginning we were still quite a small business and MSIF has worked alongside us throughout our development."
"The MSIF team provided invaluable advice and support. They were a fantastic sounding board and became an extension of our team. MSIF’s experience, knowledge and connections have made a real difference to our business."