Our Corporate Finance team have advised P/E backed, niche plastic extrusion design and manufacturer, DW Plastics Group Ltd, on a £2.4m refinancing.
DW Plastics has been building a reputation as the UK’s home for manufacturing high-quality, bespoke thermoplastic extrusion profiles. The company helps customers across the world by designing, manufacturing, and supporting them with complex and innovative plastic extrusion products.
Since completing a Management Buyout in December 2016, the management team have grown the turnover by over 14% and Panoramic Growth Equity LLP, who backed the Buyout, have now been repaid over 90% of their initial loan notes. ThinCats provided the funding and demonstrated pragmatism and flexibility in their approach. Andrew Tapsell and the team at ThinCats were keen to fund the deal, which was a stretch for most debt funders, but structured their funds creatively on a repayment and bullet basis over five years to provide sufficient headroom for the business to continue its expansion.
Sue Burley, Managing Director, DW Plastics, commented:
“We are grateful for the hard work and support that Kevin Paget, and the Menzies team, provided during the refinancing. We knew that it would be a tough ask to get the full amount of funding, but Kevin’s expertise and perseverance put us in touch with ThinCats who were keen to support the Company in the next phase of its development. The experience and advice provided during the process was invaluable and ensured a successful completion.”
Sue Burley – Managing Director, DW Plastics
Stephen Campbell, Investment Partner, Panoramic Growth Equity LLP, said:
“Kevin Paget was instrumental in structuring the original MBO transaction and it was a pleasure to work with him again. He worked pragmatically with all parties to craft a solution which helps the company reduce its borrowing costs and increases equity value for both the management team and Panoramic.”
Stephen Campbell – Investment Partner, Panoramic Growth Equity LLP,
Andrew Tapsell, Director – Regional Business Development, ThinCats, added:
“We are delighted to support Sue Burley and the management team at DW Plastics with the funding to repay the loan notes. We met them at their premises in Chichester and were able to structure a credit backed offering in a timely fashion, enabling them to take the business forward precisely in the direction that they want to take it.”
Andrew Tapsell – Director, Regional Business Development, ThinCats
Rebecca Glazebrook and Mark Diamond of PDT Solicitors advised the Company whilst Noel Ruddy and Sian Webber, PDT advised Panoramic. Wright Hassall solicitors advised ThinCats.
“Having helped the management team secure the equity funding in 2016 to complete the management buyout, I was delighted to advise them again on the refinancing.”
Kevin Paget – Menzies corporate Finance Director
About Menzies Corporate Finance
Our broad commercial knowledge and understanding of a wide range of different stakeholder priorities are the defining traits of our corporate finance service.
We take a quality driven, proactive and personal approach to advising transactions. Our corporate finance team will provide you with director-level advice and support, while working alongside other Menzies people from the wide ranging skill set that is readily available within the firm to ensure that the advice we give encompasses all your needs.