21 January 2005 10:34 [Source: ICIS news]
LONDON (CNI)--UK hydrocarbon solvents, automotive fluids and specialty chemicals company Petrochem Carless has been acquired by its management team in a deal that raised £32m ($59.8m/Euro45.7m) in new funds, CNI learned on Friday.
The refinancing was funded by Lloyds TSB Commercial Finance and venture capital company 3i. Lloyds TSB provided a £25m revolving credit facility against stock and debtors; 3i provided mezzanine finance.
“The management team and I are thrilled to have this opportunity to shape the future of such a great company,” said chief executive Paul Gemski, who leads the new management team. “2004 has turned out to be a strong year for us and our new financing package provides us with a springboard for even greater success in 2005.”
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