UK polymer manufacturer, Regain Polymers Ltd, has announced that it has secured £2.5m of new equity finance from its owner, Chamonix Private Equity.
The Yorkshire-based company has also been awarded £10m of new debt finance facilities with Leumi ABL, the specialist asset-based lending subsidiary of Bank Leumi (UK) plc.
Regain was acquired by Chamonix in 2011, which triggered a programme of sustained investment in state-of-the-art equipment, enabling it to accelerate innovation in the development of polymer compounds.
The business, which currently operates a 50,000 tonne capacity site and launched its new Product Development Laboratory in early 2014, says the new lab facility allows it to offer bespoke product development services that meet the needs of its client base.
“We are delighted to have secured this additional investment from Chamonix which will enable us to continue to expand and enhance the capacity, capability and reliability of our manufacturing plant. We aim to grow and accelerate our ambitious new product development programme to remain a leader in our sector,” commented Martin Marron, Chief Executive Officer of Regain.
“The new facility will enable us to provide additional research staff and specialist laboratory equipment, allowing us to continue to innovate at a pace in the development of high specification compounds, for a wide range of applications from available recycled materials.
“Our employees and customers will take assurance from our investors’ confidence in Regain. Suppliers will also take comfort from our strengthened balance sheet.”
Andrew Hartley, Chamonix partner, added: “This investment demonstrates our confidence in Regain and in the wider polymer manufacturing sector.”
Martin Risman, Leumi ABL Regional Sales Director, said “Leumi ABL is delighted to be providing a multi-asset facility to Regain to enable it to meet its development programme”.