Dymag has successfully completed a further funding round led by Puma Private Equity, who have already made a GBP multi-million investment in the British manufacturer of advanced lightweight carbon composite auto wheels.
Dymag has established a leadership position supplying its BX-F carbon rim technology to eminent aftermarket wheel manufacturers including Forgeline, Brixton Forged, Rotiform (part of Wheelpros Inc.), Vorsteiner and 1221 in the USA. In recent weeks mbDESIGN (Germany) together with several wheel brands in Switzerland, UK and Latin America have also signed supply contracts with Dymag.
The company is supplying and developing products with leading Tier 1 wheel manufacturers for globally recognised leading vehicle brands who will use Dymag’s patented BX-F and BX-E carbon rims for their carbon wheel programmes.
Dymag designs and supplies niche OEM’s and tuners with complete carbon hybrid wheels. Amongst various projects underway are the McLaren Senna GTR by Lanzante, JRM’s GT-23, Naran Automotive, Supercar System, and various other projects due be announced in 2021.
Chris Shelley, Executive Chairman of Dymag. said:
“This has been quite a journey in which Dymag has developed a market-leading high quality, durable product for both OEM and aftermarket customers – a unique achievement. We have overcome major development and production challenges to become the carbon rim of choice for many aftermarket and Tier 1 wheel manufacturers. We can now look forward to a period of strong growth under Tom de Lange’s leadership – we are delighted to announce that he has been appointed CEO.””
Despite of the current uncertainty the automotive sector faces caused by the pandemic and the unprecedented change towards carbon neutral technology, demand from OEM and aftermarket segments for Dymag wheels is growing, with projects constantly being notified from clients all over the globe.
Tom de Lange, CEO said today:
“With the robust product foundations we have developed, the team can now focus on our exciting technology pipeline, with a focus on reducing cost and increasing output. This should transform the affordability of carbon wheels over the next three years, with significant cost reductions being realised as soon as Q1 2021. Our main challenge will then become capacity, but we believe that our production process is very scalable.”
Industry doyenne Bob Dover, former Chair and CEO of Jaguar Cars and Land Rover is retiring as Chairman, handing over to founder Chris Shelley, but will remain a Non-Executive Director and adviser to the Board. Tom de Lange has been promoted to the position of Dymag Group CEO. Tom joined Dymag in 2019 and brought a strong motorsport background from years spent in senior technical roles in IndyCar, NASCAR and F1 and as a senior R&D leader with Dyson. He has brought strong focus to product development and operational excellence.
Founded in the early 1970s, Dymag quickly moved to the pinnacle of wheel technology, developing diecast magnesium wheels for Formula One and inventing the world’s first three spoke magnesium motorcycle racing wheels. Dymag’s rich heritage on four and two wheels ranges from Formula 1, IndyCar, Rally/RAID, Moto GP, Superbikes, Isle of Man TT champions and race winners driving and riding to victory on “Dymags”, as well as many production Supercar manufacturers.
Building on its success, Dymag expanded into manufacturing Forged Magnesium wheels, Forged Aluminium wheels and finally developed lightweight Carbon Composite motorcycle and auto wheels with an equally enthusiastic response from bike and auto owners around the world.
The company was re-launched in 2011 after Executive Chairman Chris Shelley and other key former employees took control of Dymag. Very soon after it was successfully involved in re-entering the motorcycle racing and aftermarket, supplying the winning BMW S1000RR ridden by Michael Dunlop in the 2014 Isle of Man TT, and leading British Superbike Teams, a victory repeated in 2016, and again in 2017 this time on the new Suzuki GSXR. In 2019 Dean Harrison won the Isle of Man Senior supported by Dymag.
2018 also saw Dymag support Leon Haslam and the Bournemouth Kawasaki team as they won the BSB championship, as well as official wheel provider to Kramer as it won the GP2 title in its debut season.
In 2017 Dymag launched is first carbon hybrid auto wheel on the BAC Mono and has subsequently supplied a range of niche OEMs, tuners and aftermarket wheel manufacturers with its patented BX-E and BX-F carbon rims.
About Puma Private Equity
Puma Private Equity provides growth capital to small and medium-sized businesses across the UK, delivering investments from £2 million to £10 million and partnering with management teams to accelerate growth and help businesses achieve their potential.
For further information please contact:
Chris Shelley, Executive Chairman
Tel: +44 (0)7850 379575
Tom de Lange, Chief Executive Officer
Tel: +44 (0)7564501398