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European law firm Fieldfisher's Equity Capital Markets team has advised AIM-listed CT Automotive Group plc, a UK-headquartered company that designs, develops and manufactures automotive interior finishes and complex kinematic assemblies for the global automotive industry, on a £7.7 million fundraising.
The funds were raised through a combination of a placing (raising £5.2 million), a director subscription (raising £0.1 million) and a subscription (raising £2.4 million).
Portsmouth-based CT Automotive supplies components for many of the world's best-known automotive brands.
These critical components are managed through an intricate global network of reactive supply chains to arrive JIT (Just in Time) at their respective OEM manufacturing plants. Key production facilities are located in Shenzhen and Ganzhou in China, complemented by additional manufacturing facilities in Mexico, Turkey and the Czech Republic.
Founded in 2000 by Executive Chair Simon Phillips, CT Automotive floated on AIM in December 2021. It was advised on its IPO by Fieldfisher.
The company said it has seen positive trading conditions during the first three months of 2023, boosted by a rapid recovery in manufacturing in China since the Chinese government eased Covid-19 restrictions at the end of 2022.
The Fieldfisher team advising CT Automotive was led by Corporate Partner Dominic Gurney-Champion assisted by Senior Associate Lily Searle.
Commenting on the fundraising, Corporate Partner Dominic Gurney Champion said:
"We are pleased to have supported CT Automotive on an important fundraising, having acted for the company on its admission to AIM in December 2021.
"Despite continued challenging conditions, there has been some positive capital markets activity so far this year, benefitting businesses like CT Automotive that are looking to raise funds to support their business expansion."