RBS Invoice Finance Provides ABL Facility to INEOS Compounds
UK headquartered manufacturer of PVC compounds, INEOS Compounds announced it has secured a new asset-based lending (ABL) financing deal with RBS Invoice Finance (RBSIF) and transferred all of their banking relationships to RBS Corporate & Institutional Banking (RBS CIB). The deal will support a wider strategy to strengthen and grow the Compounding division of INEOS over the next 3 years.
The undisclosed ABL facility consists of working capital and term loan funding against the company’s Receivables, Inventory and Fixed Assets for the three compounding sites in the UK, Sweden and Switzerland. The Manchester-based RBSIF team worked alongside a team North West advisors from KPMG, DLA and Norton Rose Fulbright.
IC is one of Europe’s largest compounding businesses, and supplies 115,000 tons of product annually with 290 employees. Product is primarily used by other manufacturing businesses to produce final PVC or UPVC related product.
Andy Pickford, corporate development director at RBSIF added: “We are delighted to offer our support to INEOS Compounds. IC is a great example of a successful UK manufacturer with strong export credentials, run by a very high quality management team. We look forward to assisting Management with their ambitious growth plans over the next few years.