CIM announces ‘Rhino Doors’ as first investment of Cyrus EIS Fund 1
Cyrus Investment Management LLP is very pleased to announce the completion of the Cyrus Secured Loans Precision Engineering EIS Fund’s first growth investment in the Rhino Engineering business (“Rhino” or “Rhino Doors”). Rhino is one of few NIC EIC, Ministry of Defence, and Post Office accredited high security door manufacturers in the UK. Rhino began in 1983 as an industrial door development division of RTZ (Rio Tinto Zinc). The business had developed a unique door structure which was quickly recognised by UK industry leaders and Rhino’s early clientele consisted of British Steel, The British Oxygen Group, and the RAF to name a few. From its early success with industrial doors Rhino proceeded to develop acoustic doors and ballistic doors. Through its increasing work for the Ministry of Defence Rhino began manufacturing a whole new range of high security doors thus transforming itself into the versatile security door manufacturer it is today. In 1996/97 Rhino was sold from RTZ to British Steel and eventually ended up as part of Corus, known today as Tata Steel Europe. The business, now being carried out by Rhino Systems Limited, has 21 employees and services some of the most demanding security providers in the world including the Ministry of Defence, the banking sector, private cash deposit holders, as well as providers of private and public aircraft hangars.
Cyrus Investment Management has plans for Rhino’s management team to grow its business incrementally. Part of the funding for Rhino was provided by a grant from the Welsh Government who are committed to the business’ plans for expansion.
To read more about the company please click here.
If you would like more information on the investment please contact:
Head of Investor Relations
Cyrus Investment Management LLP
33 St. James’s Square
London, SW1Y 4JS
Tel: 0207 451 4596