HIG WhiteHorse, a credit affiliate of global investment firm HIG Capital, has arranged a EUR25 million unitranche loan for IGM Resins, an international provider of specialist chemicals and technical services to the inks and coatings industries.
IGM is headquartered in Waalwijk, The Netherlands and has circa 570 employees. IGM Resins is a manufacturer of chemical components used in the ultra violet curing of coatings, inks and adhesives across a wide range of end-user applications from food packaging, wood coatings, coatings for electronic applications to name but a few. IGM Resins is majority owned by Arsenal Capital and has operations across Europe, the US, China and Brazil.
HIG WhiteHorse has provided a flexible financing structure which dovetails with the Company’s existing local asset based lending facilities. The funds were used to refinance an equity capital bridge facility invested to fund a strategic acquisition in Italy.
Haseeb Aziz, Managing Director at HIG WhiteHorse, says: “This transaction demonstrates HIG WhiteHorse’s ability to tailor a bespoke, flexible and deliverable debt package which works well for a broad range of stakeholders, including existing asset based lending facilities. With its strong balance sheet, and a more efficient capital structure, IGM Resins is now well placed to exploit potential growth opportunities and we look forward to supporting its future success”.
John Huiberts, President of IGM Resins, says: “This transaction provides IGM Resins with the flexibility to integrate its latest acquisition and build on its current market position. HIG WhiteHorse has been supportive and demonstrated a high degree of flexibility and pragmatism in providing us with a solution that suited our requirements”.
Edward Frindt, CEO of IGM Resins, says: “The new financing structure is aligned with and fully supports our aggressive growth targets and we look forward to working with HIG WhiteHorse as a financing partner”.
