ESG Group Limited02 November 2017
A touch of glass - Shawbrook provides £5,600,000 working capital solution for ESG Group Limited
Shawbrook has delivered a £5.6million acquisition financing and ongoing working capital solution to support the buy-out of ESG Group Ltd by private client investment firm, Connection Capital LLP.
The facility comprises a £4,000,000 confidential invoice discounting line and a £1,600,000 cash flow loan to support the company’s expansion plans.
Established in 2003, ESG Group designs and manufactures a wide range of technical glass products. The core of the product range is toughened and laminated partition and architectural glass and this also extends to specialist products such as high strength blast and bullet resistant materials, “switchable” products which use LCD technology to change opacity, electronically-controlled tinted glass designed to reduce a building’s energy consumption and LED embedded glass.
Past commissions include a security glass screen for the Queen at the 2012 Olympics and specialist glass products used in the new Heathrow Terminal 2.
Scott Sinden, Managing Director at ESG Group said: “This is a real success story. The acquisition by Connection Capital and the support from Shawbrook is a strong vote of confidence for the management team and the supply-chain at ESG Group.”
“There are two aspects of Shawbrook’s funding that operate perfectly in tandem together: a confidential invoice discounting line and a cash flow loan designed to provide additional working capital to smooth the peaks and troughs of the facility”, continued Mr Sinden.
“The facility from Shawbrook is working very well and the team handled the process very professionally throughout. Right from a very early stage they established open channels of communication at an operational level and this has resulted in the smooth implementation of the facility.”
Tim Hawkins, Managing Director at Shawbrook Bank, commented: “We are delighted to support ESG Group with a flexible working capital solution that provides strong headroom for growth. This is a very profitable business run by a highly experienced management team, which continually demonstrates genuine innovation in a growing marketplace.”