Derbyshire-based Eurocell, a market leading, vertically integrated UK manufacturer and distributor of innovative window, door and roofline PVC products, has agreed a £45 million revolving credit facility to support the firm’s growth strategy following on from its recent successful Initial Public Offering (IPO). The funding is being provided jointly between Santander Corporate & Commercial and Barclays Corporate Banking.
Established in 1974, Eurocell has become a core supplier of window, door and roofline PVC products to wholesale and trade customers across the UK. The group, which has developed its own 131-strong branch network, primarily supplies product into the UK repair, maintenance and improvement market as well as the new build and public sector markets.
The business, which was acquired by H2 Equity Partners in September 2013, posted group revenue of £173.1 million as at the end of December 2014, up 10.3% year-on-year and adjusted EBITDA increased 70.8% to £26.1 million. Having announced its intention to proceed with an IPO, its shares listed on the main market of the London Stock Exchange with a market capitalisation of £175 million.
The £45 million in funding from Santander Corporate & Commercial and Barclays Corporate Bank will be used to support the Eurocell’s wider growth strategy in the UK window, door and roofline PVC product market.
Patrick Bateman, Chief Executive of Eurocell, said: “Over the last few years, Eurocell has developed a leading position in the manufacture of innovative window, door and roofline PVC products. We have worked very hard to get to this position. Looking forward, we have exciting plans for the company and I’m wholly confident that the management team has a clear and decisive strategy for growth at this key time for the business.”
Richard Venters, Relationship Director at Barclays Corporate, said: “We are delighted to be supporting this long standing customer as they move into the next exciting stage of their development. With an excellent market position, a clear strategy for growth and a strong management team, we are confident that Eurocell is well placed to capitalise on the opportunities ahead and look forward to supporting them in achieving their ambitions.”
Joe Duane, Relationship Director at Santander Corporate & Commercial, said: “We are delighted to be able to support Eurocell at this critical stage in the firm’s history. The business has developed a very strong position in the UK, driven by customer service excellence and high-quality products, and we have no doubt that it will be able to build on this as it looks to expand, launch new products and grow its market share.”
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Notes to editors
For media enquiries regarding Eurocell please contact
Ben Foster, Pendomer 020 3603 5221
For Santander Corporate & Commercial media enquiries, please contact:
Bijal Tanna 020 7756 4189 Mobile: 07860 259 217
Andy Smith 020 7756 4212 Mobile: 07824 473 338
The Santander Corporate & Commercial press office operates from 8.00am to 6.00pm. Outside of these hours please call 0800 5877708.
For Barclays Corporate Banking media enquiries, please contact:
Karen Swainston 07775 555469
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