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FRP Corporate Finance has advised private equity investor Chiltern Capital LLP on a debt raise through an asset-based lending facility to finance the management buyout of Strata Products Limited.
Strata, which was founded in 1987 and manufactures recyclable home, office and gardening products, was previously a subsidiary of Berry Global, a Fortune 500 developer, manufacturer and distributor of plastic products.
FRP’s team was led by partner Nick Grainger, who ran an extensive debt raising process to deliver the asset-based lending facility to support the sponsor-backed MBO.
As a result, the FRP Corporate Finance team was able to structure a comprehensive solution that met the requirements of all stakeholders involved.
The financing delivered a committed and cost-effective financing structure to facilitate the MBO and provide growth capital as Strata embarks on its next phase of growth.
The management buyout was led by CEO Jay Ilsen, and as part of the transaction experienced PE CFO, Ian Hendrie, will join the Board. Management will be further supported by the introduction of experienced PE and plastics manufacturing expert, Glen Sabin, as non-executive chair.
Grainger said: “With significant market knowledge, it was a pleasure to work with the directors and senior management on this deal. This acquisition presents an excellent fit for Strata, starting a new growth journey supported by investment in new markets and products. We were delighted to deliver such a positive outcome for the company.”
David Butler, partner at Chiltern Capital, added: “Strata has a proven history of manufacturing high quality plastic products across a range of markets. This deal allows us to drive growth in the UK through new product development as well as continuing to expand into Europe and North America.”
