The two funds to benefit are the South Yorkshire Investment Fund and the Yorkshire & Humber Equity Fund.
YFM backed the management buy-out of Pressure Technologies from its German parent company in August 2004. Mark Hunter, investment director at YFM, who led the buy-out, says that the company’s rapid growth over the last 24 months has exceeded his expectations.
Pressure Technologies is the parent company of Chesterfield Special Cylinders, the Sheffield business that designs, manufactures and maintains a range of high-pressure seamless cylinders. Chesterfield supplies global energy and defence markets, with 80 per cent of their products sold outside the UK.
The company’s flotation on AIM raised £6 million in an oversubscribed placing. Chief executive John Hayward comments: ‘We are delighted the float has gone so well and we have achieved our funding requirements, giving us the financial platform to fund our aggressive growth and development objectives.’