High-performance wheel manufacturer Dymag to broaden market with new investment
Dymag is now expanding its technology and product range to re-enter the lucrative car wheel aftermarket and OEM market with a newly developed range of carbon composite car and motorcycle wheels.
Dymag has also been awarded £7.1 million funding from the government’s Advanced Manufacturing Supply Chain Initiative (AMSCI), which will rapidly accelerate the company’s product development programme. Manufacturing process cycle times will be significantly reduced enabling cost effective, high volume production of carbon composite wheels for the first time.
Boundary Capital led the EIS-qualifying investment alongside other experienced investors.
Carbon composite wheels provide a typical 30% to 50% weight saving against conventional aluminium wheels, dramatically enhancing vehicle handling, ride performance and improving fuel efficiency. The company is in discussions with several leading high-performance and premium car brands seeking to enhance their offerings to their more discerning and demanding customers.
The founder and CEO of Dymag, Chris Shelley commented: “This funding will enable us to bring previously low volume niche ultra-luxury performance products to a much wider market. Our initial target market is the high performance and racing car aftermarket. However, the bigger prize is to supply vehicle OEMs. Over the past 12 months several mainstream car and motorcycle manufacturers have announced intentions to adopt carbon composite wheels and there is a huge opportunity for Dymag to be one of the primary suppliers globally.”
Boundary Capital’s model is to appoint ‘Venturers’ to complement its investment. These are seasoned and experienced executives who can provide valuable support to portfolio companies.
Serial entrepreneur and newly appointed Venturer, Chris Brill, said: “This is an exciting opportunity to make a quantum leap in the composite manufacturing technology behind motorcycle and automotive wheels and establish Dymag as a leading global supplier in this rapidly growing market.“
Dr David Gee, Boundary Capital’s investor director, added: “Carbon composite wheels will become an essential element in enabling automotive OEMs to meet efficiency and performance targets and Dymag is well-placed to meet longer term pricing and volume challenges.”
Jo Love, Love Communication, firstname.lastname@example.org, 07887 775271
About Boundary Capital
Boundary Capital focuses on SEIS and EIS-eligible investments in growth companies primarily in the technology space. Its team comprises experienced investors and entrepreneurs with a shared belief that businesses are much more likely to succeed if the right support is provided alongside capital. Boundary’s blended SEIS/EIS funds enable investors to benefit from enhanced reliefs whilst being able to support companies through to exit.
Started in the early 1970s, Dymag quickly moved to the technology pinnacle developing diecast magnesium wheels for Formula One and GT Racing cars and inventing the world’s first three spoke Magnesium motorcycle racing wheels. It was on these very motorcycle wheels that the legendary Eddie Lawson won the AMA Superbike Championship on a Kawasaki KZ1000-S1 in 1981 and 1982, and went on to win the 1984 World Motorcycle GP Championship on a Yamaha YZR500.
Building on their success, Dymag expanded into manufacturing Forged Magnesium wheels, Forged Aluminium wheels and finally invented lightweight Carbon Fibre motorcycle and car wheels with an equally enthusiastic response from bike and car owners around the world. The company went into liquidation in 2009 and was rescued in 2010 by its current owners and has been successful in re-entering the motorcycle racing and aftermarket, supplying the winning BMW S100RR ridden by Michael Dunlop in the 2014 Isle of Man TT, and 6 leading British Superbike Teams.
Dymag’s rich heritage on four wheels ranges from Formula 1, IndyCar, Rally/RAID, GP Moto, Superbikes, Isle of Man TT champions and race winners driving to victory on Dymags, as well as many production Supercar manufacturers.