Sealprem, a sealing products specialist based in Scunthorpe, has secured a seven-figure funding package from HSBC UK to support its international growth ambitions. The Park Farm Road business supplies the construction and DIY markets and aims to accelerate its expansion plans with the new capital.
Funding Details and Strategic Goals
The funding will provide capital to Sealprem and its private equity owner, Red Coast Industries, to pursue organic growth, merger and acquisition opportunities, and joint venture strategies. The company is also developing its e-commerce capabilities to strengthen its market presence.
Focus on Middle East Markets
With the backing of Red Coast, Sealprem aims to grow sales in the Middle East, particularly in Saudi Arabia and the UAE, as well as among customers operating between these regions and the UK. The firm expects to create new jobs as part of this expansion.
Company Background
Founded in 1994, Sealprem is a leading manufacturer of foam fillers and a supplier of core sealing products. Red Coast Industries, founded by Omar and Yossuf AlBanawi, was spun off in 2022 from the family-run investment group Banvest. It focuses on acquiring lower-middle-market businesses in the building materials sector, with a particular emphasis on industrial roofing and cladding. Red Coast acquired Sealprem in 2023.
Executive Comments
Omar AlBanawi, director of Red Coast Industries, said: "Securing funding with HSBC UK marks an important milestone for Sealprem, as we expand our offering into a broader one-stop-shop solution for the industrial building envelope sector. This new banking partnership provides us with a supportive long-term funding structure, greater operational flexibility, and a relationship that is aligned with our international growth ambitions."
Andy Gray, relationship manager at HSBC UK, added: "With strengthened financial footing, Sealprem will be able to continue investing in product innovation, stock availability and customer service. The business is well positioned to accelerate growth across its core manufacturing business, expanding its distribution capabilities and further developing its e-commerce channel. As these offerings expand, the business is well set to serve customers more efficiently across the UK."
