Craven House Capital makes further investment in Pressfit Holdings
Craven House Capital (LON:CRV) this afternoon announced it has made a further investment Pressfit Holdings, a manufacturer of steel press fittings.
It is buying just shy of 1.4 million shares in the un-quoted company for £137,000. This will be paid in Craven House shares. The deal gives Craven House a 4.5 per cent stake in Pressfit.
Pressfit makes thin walled steel press fittings that are used in water and gas applications.
"We are very excited about Pressfit's growth prospects as it expands its client base throughout China and into Europe. Pressfit benefits from an excellent management team and a disciplined growth strategy founded on their distinct competitive advantages," said acting chairman Mark Pajak.
"In addition, we very pleased to secure this investment utilising our shares as currency - a clearly defined and central aspect of our investment strategy."
He added: "We view our investment in Pressfit as a long-term strategic holding and we look forward to supporting this company further as they deliver on their plans for growth."
In September the firm provided a £95,000 convertible loan to Pressfit. This can be converted into 961,849 Pressfit shares, which would represent 3 per cent of the company. The loan also pays interest at 8 per cent a year.
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