A mullti-million pound deal will drive innovation and create jobs at a West of England car and motorbike wheel manufacturer.
London-based Puma Investments is injecting £3.6m of private equity into Chippenham-based Dymag, a pioneering British designer and manufacturer of carbon hybrid automotive and motorcycle wheels. 
The deal will enable to Dymag to expand its operations and fast-track product development.
The firm, which employs 32 people, said the investment would lead to a “significant” number of new jobs and introduce further innovations to its manufacturing processes to meet growing demand for carbon hybrid wheel technology. It also plans to move to new premises.
Dymag CEO Chris Shelley said: “These are really exciting times for our business. We see significant opportunities to grow globally and to drive further innovation into our business, and the Puma private equity team has the expertise and passion to help us deliver that.”
Dymag was launched in 1974 to develop die-cast magnesium wheels for Formula 1, IndyCar, Rally/RAID, Moto GP, Superbikes and Isle of Man TT vehicles.
It later made forged magnesium wheels, forged aluminium wheels and developed lightweight carbon composite motorcycle and auto wheels.
The company was re-launched in 2011 following a buyout by CEO Chris Shelley and other key former employees and currently works with several of the world’s leading performance original equipment manufacturers (OEMs) and has a growing aftermarket presence.
The Bristol offices of law firms TLT and Womble Bond Dickinson (WBD) have advised on deal with TLT working with Dymag while WBD acted for the private equity team at Puma Investments.
The TLT team was led by corporate partner Jon Gill with support from corporate associate Bryan Shaw, corporate solicitor Matthew Howells and advice from legal director Mark Braude in the firm’s specialist tax team.
The WBD corporate team was led by partner Leon Miller and included Bristol-based associate Alex Fergus.
Jon Gill at TLT added: “We were delighted to support such an exciting British manufacturer as Dymag as it seeks to disrupt the global automotive market. The transaction demonstrates that, despite uncertainty with regard to Brexit, private equity firms remain keen to support innovative UK businesses as they look to expand internationally.”
