London's ThinCats hands over £2.4m funding for Chichester plastics group

ThinCats has delivered a £2.4m funding facility for D W Plastics Group’s shareholders.

This funding is set to enable the shareholders to repay the loan notes taken out to secure the 2016 private equity-backed MBO of the business.

The refinance is said to have had an immediate impact on profitability, creating tangible savings on relative interest costs and redemption charges.

Sue Burley, managing director of D W Plastics Group, said: “ThinCats [has] enabled us to bring our plans to refinance the business to fruition. It completed the transaction successfully and the outcome has suited everyone concerned.

“ThinCats adopted a commercial viewpoint and was very supportive in making the deal happen. In addition to being approachable, what I particularly liked was the pragmatic and flexible approach they showed towards putting the transaction together for us and meeting our deadlines.

“That has given us great confidence in working with ThinCats going forward.”

ThinCats acted quickly to put the facility in place and the transaction, which was introduced by Menzies, has proved to be a very flexible solution for both the business and its shareholders.

Headquartered in Chichester, D W Plastics is a manufacturer of bespoke plastic extrusion profiles, with a specialist focus on construction and marine sectors.

Kevin Paget, corporate finance director at Menzies, added: “ThinCats went beyond what an asset-based lender would typically stretch to in terms of the quantum of finance they were prepared to offer.

“The transaction was the right thing to do for the business and the shareholders and we were very pleased with how easy and straightforward ThinCats were to work with.”

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