Packaging firm Excelsior seals £13m funding deal

PACKAGING manufacturer Excelsior Technologies has sealed a £13m refinancing deal.

The Deeside-based group, which has a polymer extrusion and production centre in Nelson, Lancs, said the new funding from RBS Invoice Finance would support its working capital needs and strengthen its global capabilities, notably in the US where the company has a base in North Carolina.

The £13m facility consists of working capital and term loan funding against the company’s receivables and fixed assets.  

Exelsior is one of the largest independent flexible packaging manufacturers in the UK. Customers include Birds Eye, Haribo, Premier Foods and SC Johnson,

Last year the £44m turnover company was acquired by private equity firm Growth Capital Partners.

Managing director David Moorcroft said: “ETL has earned an unrivalled reputation for developing innovative, dependable solutions chiefly for the fast moving consumer goods industry which add value to our customers products.

“We research, design, develop and manufacture everything in-house from our HQ in Deeside, which ensures we can keep control of the quality and lead times. 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.”

Excelsior exports to 15 countries and has twice won the Queens Award for Export,

Andy Pickford, corporate development director at RBSIF added: “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 Corporate & Institutional Banking we have delivered a complete funding solution under one roof.”

Manchester-based Clearwater partner Mark Taylor and director, John Clarke, led the deal.
 
Mr Taylor said: “The business has a clear strategic plan devised when Growth Capital Partners invested in the business during 2012.  Management are midway through implementing this and a bespoke funding structure was appropriate.
 
“We are confident that Excelsior is a fantastic fit for RBS and the new debt structure will assist with international expansion.”