Member Article

Excelsior Technologies secures £13m RBS refinancing package

Deeside-based business Excelsior Technologies Ltd (ETL) has won a £13m refinancing package with RBS Invoice Finance and RBS Corporate Institutional Banking.

The deal will support the manufacturer’s working capital and help strengthen its global offering, most significantly in North Carolina, where the ETL’s U.S. site is based.

Manchester-based debt advisors Clearwater Corporate Finance advised on the refinancing, with partner Mark Taylor and director John Clarke leading the deal.

Mr Taylor commented: “Excelsior has a strong management team and clear strategy for growth. We worked with the team to develop a plan to enable them to achieve their growth aspirations in the current marketplace.

“The business has a clear strategic plan devised when Growth Capital Partners LLP invested in the business during 2012.

“Management are midway through implementing this and a bespoke funding structure was appropriate.”

“RBS understand the debt requirements of the business and are keen to support. We are confident that Excelsior is a fantastic fit for RBS and the new debt structure will assist with international expansion.”

ETL is one of the largest flexible packaging manufacturers in the UK, operating from Deeside with further bases in Nelson in Lancashire and Flint in North Wales, as well as a medical plant in the U.S.

David Moorcroft, managing director for ETL, said: “We have put our faith and our money in the outstanding skills and technologies which we have nurtured here and as a result have attracted customers worldwide.

“The funding package from the RBS team will be used to support our growth plans in the US and the day to day working capital needs of the business in the UK.”

ETL has won two Queen’s Awards for export as well as several Starpack Awards for its approach to customer-tailored flexible packaging using high-tech systems.

Andy Pickford, corporate development director at RBS Invoice Finance, said: “We were introduced to ETL by Mark Taylor from Clearwater Corporate Finance at a time when they were seeking a new funding partner that could provide a complete solution to support their UK operations, as well as having an eye on their US capabilities in North Carolina.

“ETL were already using invoice discounting and loan facilities but we were able to demonstrate the benefits of using ABL to provide a complete debt solution.

“By working with our colleagues in RBS CIB we have delivered a complete funding solution under one roof.

“We are delighted to support ETL who have a fantastic reputation, a strong management team, and a highly supportive Financial Sponsor in GCP.”

This was posted in Bdaily's Members' News section by Miranda Dobson .