Shawbrook Bank has provided private equity firm Rubicon Partners with a funding line to complete the purchase of leading specialist manufacturer Cortland Fibron BX Ltd.
Founded in 1987, Fibron is the leading global supplier of sub-sea umbilicals to the offshore oil & gas, remotely operated vehicles, geophysical, diving, defence and oceanographic markets. From its headquarters in Hertfordshire, UK, the Company designs, engineers and manufacturers umbilicals for safety- and process-critical applications around the world. It was acquired by Actuant in 2008.
Rubicon Partners is a hands-on investment partnership focused on acquiring complex industrial businesses across Europe and North America. Over the past 25 years the firm has invested in 73 industrial manufacturing, distribution and service companies, ranging in value from GBP15 million to GBP250 million. The acquisition of Fibron from US industrial toolmaker Actuant Corporation represents Rubicon’s 52nd new investment acquisition through a corporate carve-out.
The deal allows Rubicon to invest in a market-leading business in a sector that it believes will see substantial growth in the coming years.
Oliver Wilson, Regional Managing Director at Shawbrook Bank, says: “For experienced investors like Rubicon acquiring high quality businesses like Fibron, the range of funders providing appropriate, tailored and flexible facilities is surprisingly narrow. It’s why we’re focussed on delivering for the mid-market by combining the breadth of options you’d expect from a much larger bank with the commitment and agility you’re more likely to see from a debt fund. This is a great transaction to support and we’re excited to work with Fibron through its next phase of development.”