SSL International, the Manchester-based healthcare business, has agreed a GBP410m financing package backed by Yorkshire Bank.
The new finance package will replace SSL’s existing facility and provide funds to allow it to pursue further acquisitions.
Yorkshire Bank is joint arranger with Abbey National, Barclays Capital, HSBC, Lloyds TSB and The Royal Bank of Scotland. Other investors are Handelsbanken, Citibank, KBC and Bank of Ireland.
SSL, a FTSE 350 company, owns the global brands Durex and Scholl as well as a portfolio of locally owned brands, such as Meltus, Medised and Syndol in the UK and Sauber and Mister Baby in Southern Europe. It has operations in 35 countries, sells products into over 100 countries and employs around 5,000 people worldwide.
In the six months to the end of September 2009 SSL reported a 21 per cent increase in sales to reach GBP391m while operating profit rose by 46 per cent to GBP57m. SSL continues to expand its business and in June 2009 increased its shareholding in the Russian healthcare business Beleggingmaatschappij Lemore to over 50 per cent.
Kevin Rimmer, director with Yorkshire Bank corporate and structured finance in Manchester, says: “SSL’s brands have performed well in difficult trading conditions and the business has continued to grow strongly on the back of strong global and local brands and continued investment. This latest transaction will ensure it has the funding it requires to pursue its policy of growth through acquisitions and continue its overseas expansion.
“Yorkshire Bank is increasingly active in supporting financing arrangements for corporate clients. SSL is the latest addition to our list of clients in the Manchester office.”
