Specialised chemical manufacturer, FIS Chemicals has secured a £1.7m asset based lending facility from Independent Growth Finance (IGF).
The funds raised through invoice discounting and a property loan, were used to support an MBI and to provide working capital to support the growth of the business.
FIS Chemicals Ltd have been established since 1980 to design, formulate, manufacture and supply specialised chemicals to industry and commercial operations throughout Scotland, Europe and worldwide.
From distilleries to football clubs, the business supplies water, energy, marine, leisure and hospitality sectors. FIS focus on the design of environmentally friendly products – Green chemistry, minimising the use of hazardous substances is at the heart of their vision. “Green chemistry from Clean energy” is the objective, FIS built an on-site solar farm and wind turbine which has been generating clean renewable energy for more than a decade to reduce its carbon footprint.
Private equity management companies, Foresight Group and Maven Capital Partners invested in the business, supporting the management team as the original owners retired. An additional debt facility was needed to fund the transaction and allow for growth out the other side.
Daniel Halliday, Investment Director at Foresight Group made the decision to approach IGF: “Having previously worked with IGF, I knew that they would be a flexible partner that could act commercially. Whilst the pricing and agreements are important, the ability to act in partnership for the best interests of the business are equally important.”