£60m refinance package for Converse Pharma
Converse Pharma Group has secured a £60m refinancing package to help support its ongoing growth plans.
The wholesale distributor of pharmaceutical products has been backed by the new funding line from RBS Invoice Finance and Secure Trust Bank, which will enable it to continue its strong progress across its three core divisions.
Independently-owned Converse Pharma – formed in 2013 through the management buy-out of three businesses – operates DE Pharmaceuticals, based in Prudhoe, Doncaster Pharmaceutical Group and Eurodrug, which collectively have 12 sites across the UK serving over 5,500 customers.
Doncaster-based Converse Pharma, which employs around 800 people, has seen continual progress since its creation six years ago.
Christopher Welch, partner in the company and commercial team at Sintons, who originally acted on behalf of Converse Pharma in the MBO, again secured the instruction, with head of banking Jane Meikle, corporate partner Adrian Dye and Sophie Townes acting in the transaction.
Chairman and chief executive David Horry said: “This significant refinancing package will support the continued development of Converse Pharma Group and enable us to continue to go from strength to strength.
“We are committed to making ongoing investment in all three of our companies and to providing the best possible service to our customers. We have fantastic relationships with our suppliers, who will also benefit from the advances we will be making as a business, so this is great news all round.
“We are grateful to RBS for their continued support – having backed the MBO back in 2013 – and to Secure Trust Bank who we look forward to working with.”
Jane Meikle, partner in Newcastle-based Sintons, said: “Converse Pharma Group are a long-standing client of Sintons and we are pleased to have again been able to support them in a very significant transaction for the business. We look forward to seeing them continue to grow and progress through the backing of this new refinancing package.”