Arbuthnot Commercial refinances weatherproof switch provider
Arbuthnot Commercial Asset Based Lending has refinanced Pyropress, a provider of durable and explosive proof switches and transmitter for hazardous and industrial environments.
Pyropress is an investee company of SEA Equity which it acquired last year from Caterpillar, Inc.
The facility will be used to refinance a tranche of shareholder loans put in place to support the initial carve-out and to allow the business to grow. The facility comprises a £600,000 property loan and £400,000 confidential invoice discounting line.
Stani Schmidt-Chiari, partner at SEA Equity, said: “The team at Arbuthnot Commercial ABL understand the key drivers behind our transactions.
“They are able to transact at pace, negotiate reasonably as the transaction progresses and deliver effective structures tailored to the needs of the company and its shareholders.
“Having worked with the Arbuthnot Commercial ABL team on multiple deals now, we consider them a valuable partner to our business and look forward to partnering with them again.”
James Marler, director, business development at Arbuthnot Commercial ABL, added: “We are delighted to support SEA Equity in its business development and acquisition strategies.
“Transactions of this nature typically have tight deadlines and complex structures. We are pleased to support senior management teams across business such as Pyropress, Incodia and Pyroban in achieving business growth and development, with vital working capital requirements.”
Pyropress is a Plymouth based manufacturer and designer of durable weatherproof and explosion proof ATEX certified switches, transmitters, and valves for use in hazardous marine and industrial environments. It services a range of sectors including oil and gas, power generation and defence.
This is the third transaction where Arbuthnot Commercial ABL has supported with an SEA Equity portfolio company.