 |
|
|
|
|
|
|
|
|
|
|
 |
|
|||||||||
 |
 |
 |
|
|||||||
 |
 |
 |
 |
 |
 |
 |
 |
|
||
 |
|
|||||||||
 |
|
|||||||||
Leumi ABL funds acquisition of the business assets of Trimite by Weilburger Coatings UK Limited
Founded in 1940, Trimite has grown to be the leading supplier of industrial coatings in the UK with operations in Uxbridge, Bristol and Birmingham, and overseas operations in Ireland and the US.
In a deal completed in March 2009, the business assets of Trimite, with a turnover of £30m, have been acquired by Weilburger Coatings UK Limited, part of the major European industrial paint company, Grebe Group, securing the future of the business and the majority of its 302 employees. The new company will be known as Weilburger Coatings and will be led by new chief executive, Mark Franckel.
Franckel said: “The current economic climate has proved very difficult for all in UK manufacturing and Trimite was no exception to that. We had to find a way to secure the future of the business and the very best option was the deal with Weilburger.“ Asset based lending specialists, Leumi ABL, provided the £7.5m funding line for the deal. The multi-facility financing package consisted of £6m CID, £1.2m stock and £300,000 plant and machinery finance.
Leumi ABL had already had previous business dealings with the Principals and therefore when this opportunity arose they contacted Phil Woodward, MD at Leumi ABL directly, knowing that Leumi ABL was well placed to provide the financing they needed.
Phil Woodward added: “The underlying businesses within this newly formed group are long established, yet are operating at the high quality, technologically advanced end of the market. It is always pleasing to work with, and provide funding for, a manufacturing business; the group has the ability to produce just about any industrial paint coating.”
Founded in 1940, Trimite has grown to be the leading supplier of industrial coatings in the UK with operations in Uxbridge, Bristol and Birmingham, and overseas operations in Ireland and the US.
In a deal completed in March 2009, the business assets of Trimite, with a turnover of £30m, have been acquired by Weilburger Coatings UK Limited, part of the major European industrial paint company, Grebe Group, securing the future of the business and the majority of its 302 employees. The new company will be known as Weilburger Coatings and will be led by new chief executive, Mark Franckel.
Franckel said: “The current economic climate has proved very difficult for all in UK manufacturing and Trimite was no exception to that. We had to find a way to secure the future of the business and the very best option was the deal with Weilburger.“ Asset based lending specialists, Leumi ABL, provided the £7.5m funding line for the deal. The multi-facility financing package consisted of £6m CID, £1.2m stock and £300,000 plant and machinery finance.
Leumi ABL had already had previous business dealings with the Principals and therefore when this opportunity arose they contacted Phil Woodward, MD at Leumi ABL directly, knowing that Leumi ABL was well placed to provide the financing they needed.
Phil Woodward added: “The underlying businesses within this newly formed group are long established, yet are operating at the high quality, technologically advanced end of the market. It is always pleasing to work with, and provide funding for, a manufacturing business; the group has the ability to produce just about any industrial paint coating.”
