Turtle Wax, the global car-care product manufacturer based in the North West of England, is looking to grow aggressively across Europe, the Middle East and Africa (EMEA) with a new finance deal in place. The fast growing business plans to double its turnover in 5 years to over £30 million, with 15% dedicated to the UK and 85% to export.
Incorporated in Chicago in 1946, Turtle Wax remains a family-owned and operated business with sales in more than 90 countries.
The iconic brand started its European business in the 1950s followed by establishing a UK based company in 1966. It now sells Turtle Wax products, including Perfect Finish and Essentials, within the UK and abroad. In October 2014 it relocated its EMEA headquarters to Bootle, Liverpool.
To help facilitate its ambitious growth plans, Turtle Wax turned to business funder Bibby Financial Services who agreed to provide a £6 million funding facility.
The agreement was structured by BFS’ Corporate team, which was formed in October 2012 to develop larger transactions. Since this time, the team has structured more than 300 deals, providing available funds of over £275 million.
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.
“Bibby Financial Services were able to demonstrate both experience and acumen in structuring a finance package that was competitive and flexible.
UK Sales Director for Specialist Finance, Paul Fraser said: “Turtle Wax is a fantastic business with an impressive heritage. This was a complex deal and to make sure it worked for the business, we first needed to understand their plans for the future.
“We were able to do this effectively and this deal is testament to our corporate finance capabilities, demonstrating our support for businesses in any stage of their lifecycle; from rapid growth to expansion.”
Mark added: “With funding and support from Bibby in place, we’re in a fantastic position to grow our business in the UK and abroad.”