UK Petrochem Carless raises £32m of new funds in MBO deal

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.”


Petrochem Carless was formed in December 2000 following the merger of Petrochem UK and Carless Refining and Marketing. It has a turnover of £150m, according to a company statement.


It claims to be UK’s largest hydrocarbon solvent supplier and a leader in the manufacture of drilling muds to oil rigs. The company also produces coolants for the automotive market.


The Carless refinery is based in Harwich, England and supplies products and processing to companies such as Shell, BP, ExxonMobil and Halliburton.

By: Hilde Ovrebekk
+44 20 8652 3214

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