Global car-care product manufacturer, Turtle Wax has secured a £6 million funding agreement with Bibby Financial Services (BFS) to help facilitate growth plans for its Europe, Middle East and Africa (EMEA) operations.
The facility – structured by BFS’ Corporate Finance team - is made up of a £4 million Invoice Discounting agreement, on top of £2 million Stock and Trade Finance.
Mark Brickhill, EMEA President for Turtle Wax said:“We have ambitious plans to grow throughout the EMEA region and required a finance partner that not only understood the history and seasonality of our business, but that could also support our expansion plans for the future.
“We considered a number of options but Bibby Financial Services were able to demonstrate both experience and acumen in structuring a finance package that was competitive and flexible.
“Throughout the process we were expertly advised by Tim Clarke, partner at independent corporate finance advisors Park Place. With suitable financing in place, we’re now looking forward to better servicing our customers in our 70th anniversary year, and beyond.”
Founded in Chicago in 1945, Turtle Wax remains a family-owned and operated business with sales in more than 90 countries.
In October 2014 it relocated its EMEA headquarters to Bootle, Liverpool, and is now planning to grow market share throughout the region following the launch of two new product lines; Perfect Finish for engaged, car enthusiasts and Essentials, aimed at new, young drivers.
The finance agreement was structured by BFS’ Corporate team, which was formed in October 2012 to develop larger transactions. Since this time, the team has structured 300 deals, providing available funds of over £275 million.
BFS Corporate Manager, Chris Farnsworth added: “Turtle Wax is a market leading, global brand with significant expansion plans. This was a complex deal, where we had to get to know the business; understand their future plans and structure a finance facility that would support domestic growth here in the UK but also help them to achieve their ambitious export targets throughout Europe, the Middle East and Africa.
“This partnership demonstrates our expertise and breadth of capability in leveraging a company’s hard and soft assets to unlock growth.”
BFS is the UK’s largest independent invoice finance provider and part of the 208-year-old Bibby Line Group, headquartered in Duke Street, Liverpool.