A Scunthorpe manufacturer has secured a £12m funding package from US financial services company Wells Fargo in a deal sourced and advised on by Sheffield-based dealmaking firm Castle Square Corporate Finance.
Corrugated sheet manufacturer CorrBoard UK began trading in 2014 having been formed by a consortium of UK-based packaging companies, which have since been joined by VPK Packaging Group.
The company operates from 320,000 sq ft production facilities and is on track to achieve a turnover of almost £45m in the current year.
The Castle Square team was led by director Kevan Shaw, with Patrick Lynch also advising on the transaction. Legal service to the company was provided by Jonathan Heaney and David Harris from the Glasgow office of Burnes Paull Solicitors. Ian Bramley headed up the team from Wells Fargo that provided the funding package.
Ian Bramley, new business director, Midlands, Wells Fargo Capital Finance UK, said "As sole lender, we are pleased to have curated a bespoke ABL facility that will accommodate the growing operations of Corrboard. This is Wells Fargo's first facility with Corrboard, and as we have established a close working relationship with them, we look forward to deepening our relationship as they continue to strengthen their business in this increasingly competitive space."
Kevan Shaw, of Castle Square, added: "Corrboard has grown significantly since its inception following the significant ongoing investment initially from its shareholders. We are delighted to have sourced the funding and advised on this transaction, which provides the company the funding to take sales and operations to the next level."
Corrboard is co-owned by a consortium consisting of VPK Packaging Group, Beaucrest Packaging, Dairi-Pak, Fencor Packaging Group, Garthwest, GWP Packaging, McLaren Packaging and Swanline Print.