Excelsior Technologies Limited


In May, packaging manufacturer Excelsior sealed a £13m refinancing deal with the assistance of Clearwater’s Debt Advisory team, led by Partner Mark Taylor and Director John Clarke.

Excelsior is one of the largest independent flexible packaging manufacturers in the UK, whose customers include Birds Eye, Haribo, Premier Foods and SC Johnson. Last year the £44m turnover company was acquired by private equity firm Growth Capital Partners LLP. Mark Taylor said: “The business had a clear strategic plan devised when Growth Capital Partners invested in the business during 2012. Management are midway through implementing this and a bespoke funding structure was required.”

Andy Pickford, Corporate Development Director at Royal Bank of Scotland Invoice Finance, added: “We were introduced to Excelsior by Mark Taylor at a time when they were seeking a new funding partner that could provide a complete solution to support their UK operations, as well as having an eye on their US capabilities in North Carolina.”

The £13m facility consists of working capital and term loan funding secured against the company’s receivables and fixed assets, in an ABL structure. ABL is becoming increasingly common in the mid-market and is often a good way for businesses to secure flexible funding to meets their requirements, at a competitive price point. We expect to see further adoption of this type of structure in the future.

Andy Pickford also said: “Excelsior were already using invoice discounting and loan facilities but we were able to demonstrate the benefits of using ABL to provide a complete debt solution. By working with our colleagues in RBS Corporate & Institutional Banking we have delivered a complete funding solution under one roof.”

Mark Taylor further commented: “We are confident that Excelsior is a fantastic fit for RBS and the new debt structure will assist with international expansion.”