Jeyes in £20 million refinancing
Article Date: Feb 26 2010Hygiene product company Jeyes, which is part-owned by private equity firm LGV Capital, has secured an asset-based lending facility worth £20 million.
Jeyes will use the facility to repay existing term debt, which finance director Nicholas Goodwin says had fallen to less than the company's pre-tax profits for one year. It also intends to seek further acquisitions, following its purchase in June 2008 of Powder & Liquid Products, owner of the Easy range of household cleaners.
Adds Goodwin, 'Whilst continuing to invest in the business, we have considerably reduced our term debt over the last 24 months and we felt it was an appropriate time to seek fresh finance.'
The facility was agreed with the corporate banking and invoice finance divisions of Royal Bank of Scotland (RBS).
Jeyes, which lifted sales 20 per cent to £220 million last year, was acquired in a management buy-out in 2002 by LGV Capital and toiletries supplier IWP International.
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