5 year credit facility to UK based Synseal
May 21, 2014
Proventus Capital Partners III has provided a 5-year GBP 46 million credit facility, including both a term loan and an acquisition facility to the UK-based Synseal Extrusions Ltd (“Synseal”). The facility will be used to refinance existing debt and to continue to fund the buy-to-build strategy.
Synseal is the UK's leading manufacturer of extruded PVC-U window and door profiles, sealed glass units and conservatory roofs. Synseal operates from three facilities in the midlands, serves over 700 customers and is the prime UK consolidator in its industry. The firm has revenues in excess of GBP 100 million and employs more than 900 staff. Synseal is owned by the mid-market private equity firm H.I.G. European Capital Partners LP (“H.I.G”) and management, both have significant industrial experience and will continue to support the company in its next phase of growth.
Proventus Capital Partners believes that the UK building products market and Synseal represents a compelling investment opportunity given its fundamental underlying growth, strong product proposition and stable business model. Proventus Capital Partners will work closely with H.I.G. and management to continue to support its growth ambitions, both organic and by acquisitions.