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GE pours £9m into drinks firm
by Sion Barry - 23/10/2009
"A NORTH WALES drinks manufacturer has been boosted with a multi-million- pound funding line."
GE Capital yesterday announced a £9.2m refinancing package for Calypso Soft Drinks of Wrexham.
The refinancing will provide continued expansion of the business, which supplies branded soft drinks and mineral water products, with the water coming from a natural on-site spring.
GE Capital’s facility consists of confidential invoice discounting, inventory and plant and machinery finance. The package of funding will greatly increase working capital facilities and mirrors the seasonal requirements of the business.
Founded by the Cooke brothers in 1886 as a dairy, Calypso Soft Drinks continues as a family-run business following a management buy-out in 2005.
The Calypso brand accounts for 70% of sales supported by strong sub-brands, including Aquajuice 67, Juice Shots and Jubbly.
These are supplied into leading retailers, the food service sector and cash-and- carry outlets.
The company also services markets in Europe and is an official sponsor of the British Surfing Association through its Aquajuice 67 drink.
The company’s chief executive Peter Cooke said: “Due to the seasonality of our business we required a funding solution that was tailored to our needs.
GE Capital has provided a structured solution that supported our business and offered us the headroom required to expand the business further.”
Richard Spielbichler, regional director for GE Capital, said: “This is a strong brand and we are pleased to be able to offer such a long-established family business a flexible funding solution. The deal highlights the ability of GE Capital to provide tailored funding solutions to businesses, when other providers in the market are looking to reduce their offerings.
“Calypso Soft Drinks has a strong management team and we look forward to working alongside the team as the organisation focuses on its goals for the future.”
The investment was introduced to GE Capital UK by Baker Tilly, whose corporate finance partner, Ian Latham, advised on all aspects of the deal.
Mr Latham said: “The integrated package provided by GE Capital meets the seasonal needs of the business and provides the flexibility in facilities the company needs to capitalise on new opportunities and increase market share.”
More Details: http://www.walesonline.co.uk/business-in-wales/business-news/2009/10/23/ge-pours-9m-into-drinks-firm-91466-24995585/
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