ABERDEEN-based chemicals manufacturer FIS Chemicals has secured a £1.7 million asset- based lending facility from Independent Growth Finance.
The funds, raised through invoice discounting and a property loan, were used to support an MBI and to provide working capital to support the growth of the business.
Private equity management companies, Foresight Group and Maven Capital Partners, each invested £2 million into the business, own a 40% stake with the remainder owned by the company’s management.
An additional debt facility was needed to fund the transaction and allow for growth.
Daniel Halliday, Foresight Group investment director, said: “Having previously worked with IGF, I knew that they would be a flexible partner that could act commercially. Whilst the pricing and agreements are important, the ability to act in partnership for the best interests of the business are equally important.”
Kenny Woods will take over the role as chief executive officer.
He said: “This flexible funding facility will allow FIS Chemicals to focus on continuing to supply green, quality products to our extensive customer base whilst bringing new technology and solutions to the global market.
“It is an exciting time for the new management team and staff to drive the business forward in these challenging times.”