Seven-figure loan to back scientific products supplier
Alternative lender to mid-sized SMEs ThinCats has facilitated a seven-figure loan to Gem Scientific, an independent specialist scientific and laboratory product supplier in Yorkshire.
The funding will support the Batley-based company’s ongoing growth plans.
Led by managing director Justin Welton, Gem Scientific has been supplying specialist laboratory products to the UK, Ireland and Europe since 1997. Gem Scientific Ltd is composed of two separate businesses, Gem Scientific and Northern Balance, acquired in 2016.
ThinCats was introduced to the GEM team by Solingen, a Leeds-based private equity firm that specialises in lower-mid market investments. Having worked with ThinCats on previous sponsor backed deals, Solingen recommended ThinCats as a funding partner.
Ben Kimball, business development director for Yorkshire and the North East led the ThinCats team, while Ben Slack and Andrew Curtis at Clarion provided legal support.
Justin Welton, managing director, Gem Scientific, said: “Solingen have backed our growth ambitions since 2014 so we were delighted that ThinCats have added their support through this funding package.
“Ben and the team at ThinCats quickly got to grips with our plans and helped shape a cashflow based solution for our specific needs.”
Kimball said: “Our existing relationship with Solingen and knowledge of their private equity investment process enabled us to move quickly to create a funding solution.
“Gem Scientific has a highly experienced management team and strong cashflow credentials in a specialist sector, so we are delighted to be supporting the next stage in their development.”
