H.I.G. WhiteHorse Supports Refinancing of IGM Resins
LONDON – November 09, 2015 – H.I.G. WhiteHorse, a credit affiliate of global investment firm H.I.G. Capital, has arranged a €25 million unitranche loan for IGM Resins, an international provider of specialist chemicals and technical services to the inks and coatings industries. IGM is headquartered in Waalwijk, The Netherlands and has c.570 employees. IGM Resins is a leading manufacturer of chemical components used in the ultra violet curing of coatings, inks and adhesives across a wide range of end-user applications from food packaging, wood coatings, coatings for electronic applications to name but a few. IGM Resins is majority owned by Arsenal Capital and has operations across Europe, the US, China and Brazil.
H.I.G. WhiteHorse has provided a flexible financing structure which dovetails with the Company’s existing local asset based lending facilities. The funds were used to refinance an equity capital bridge facility invested to fund a strategic acquisition in Italy.
Haseeb Aziz, Managing Director at H.I.G. WhiteHorse, said: “This transaction demonstrates H.I.G. WhiteHorse’s ability to tailor a bespoke, flexible and deliverable debt package which works well for a broad range of stakeholders, including existing asset based lending facilities. With its strong balance sheet, and a more efficient capital structure, IGM Resins is now well placed to exploit potential growth opportunities and we look forward to supporting its future success”.
John Huiberts, President of IGM Resins, commented: “This transaction provides IGM Resins with the flexibility to integrate its latest acquisition and build on its current market position. H.I.G. WhiteHorse has been supportive and demonstrated a high degree of flexibility and pragmatism in providing us with a solution that suited our requirements”.
Edward Frindt, CEO of IGM Resins said: “The new financing structure is aligned with and fully supports our aggressive growth targets and we look forward to working with H.I.G. WhiteHorse as a financing partner”.
About IGM Resins
IGM Resins is recognized globally as a specialist in the development, manufacture and supply of products and technical services to the global UV Ink and Coating industry. IGM Resins designs, manufactures and distributes photoinitiators, acrylates and specialist additives used across a wide range of applications. The business is dedicated to investing in product development and efficient manufacturing to support its global client base from its operations in Europe, the US, China and Brazil.
About H.I.G. WhiteHorse
H.I.G. WhiteHorse is the credit affiliate of H.I.G. Capital focused on providing flexible debt financing solutions to middle market companies in Europe and the United States. Operating a broad investment mandate, H.I.G. WhiteHorse provides unitranche, senior and subordinated debt capital for refinancings, growth capital, acquisitions, buyouts, and balance sheet recapitalizations. Credit facilities typically range from €10 million to €75 million for companies with revenues of €40 million or more. For more information, please refer to the WhiteHorse website at: www.higwhitehorse.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with €17 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- Other H.I.G. funds invest in various real assets, including real estate and shipping.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of €22 billion. For more information, please refer to the H.I.G. website at higcapital.com.
* Based on total capital commitments to funds managed by H.I.G. Capital and its affiliates.