A major tile accessory and plastic extrusion manufacturer has secured additional borrowing facilities from Yorkshire Bank Corporate & Structured Finance to support its expansion plans.
The new funding for Homelux Nenplas is in addition to the bank’s original lending to the business when it supported a management buy-out in 2006.
That deal saw the management team, now led by Rob Butcher, Gary Horrobin and Richard Lumb, acquire the company from US owner Newell Rubbermaid with backing from private equity house Maven Capital Partners.
Homelux Nenplas employs 110 people in Ashbourne, Derbyshire.
Over the past two years it has diversified its product range, particularly through sales of underfloor heating kits to the major DIY retailers and by targeting the US market where it now sells through over 300 major DIY outlets.
The company has also made selective tooling acquisitions over the past three years to develop and strengthen its niche extrusions business.
Dan Salt, associate director with the Yorkshire Bank Corporate & Structured Finance in Birmingham, led the team.
He said: “Homelux Nenplas is a good example of a business which has successfully countered the challenges to its traditional markets by developing new ones and has gone from strength to strength.”
Jake Robinson and Gemma Murphy of law firm HBJ Gateley Wareing advised the bank.
The company was advised by Richard Wrigley of law firm Martineau and Gary Ecob and Craig Nash of corporate finance firm Orbis Partners.