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Polypipe agrees £300m refinancing fund acquisition

Doncaster-based piping manufacturer Polypipe has agreed a £300m refinancing package with four banks - Santander, Barclays, Lloyds Bank Commercial Banking and Royal Bank of Scotland - that will be used to fund the £145m acquisition of Welsh ventilation systems manufacturer Nuaire from private equity firm Electra Partners and provide headroom to capitalise on opportunities presented by the construction sector. Each bank committed £75m for a five-year revolving credit facility. Polypipe employs more than 2,000 people at 16 sites across the UK, Europe and Middle East.

 

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