5 year term loan to Avure LLC group
March 28, 2014
Proventus Capital Partners II has provided a 5-year USD 55 million term loan to the US-based Avure LLC Group. The loan will be used to refinance existing debt, a one-off dividend and provide growth capital.
Avure, originated in ASEA (ABB) in Västerås (Sweden) in the 1950’s is the world leader supplier of hot and cold isostatic presses, fluid cell sheet metal forming presses and high pressure food pasteurization systems. Today, Avure has some 190 employees worldwide and three production facilities, of which the largest one is located in Västerås. Since 2009, Avure LLC is owned by the mid-market private equity firm Milestone Capital Partners, which has significant industrial experience and will continue to support the company going forward.
Having worked closely with the Avure for a number of years, Proventus Capital Management believes that there will be a continued demand for Avure’s technology, both within food pasteurization, metal forming and advanced material densification utilizing isostatic press technology, and that Avure is in an excellent position to take advantage of this and continue growing.