GIL Investments Limited (“GIL”) has led the acquisition of a Yorkshire business which produces chemicals for the foundry industry for customers worldwide.
Eurotek Foundry Products specialises in resin binders, which are manufactured and blended to specific customer needs, and exports 70% of its production. Established in 1993, the company employs 18 staff at its headquarters in Elland and has a European subsidiary in Poland.
As part of the buy-in Richard Catchpole, who has over 35 years’ experience in the chemicals industry and is the former CEO of Akcros Chemicals, will become Chair. Dale Crystal, the current Managing Director, and Raymond Higgins, Sales Director, will remain with the business for the foreseeable future to help deliver its growth strategy.
Frontier Development Capital (FDC) supported the acquisition through the provision of a £1.3m debt funding package. Invoice discounting facilities were provided by IGF.
Richard Catchpole, the new Chair, said:
“I am delighted to be joining Eurotek, which is an established business with a strong track record in the chemicals sector. The management team have done an excellent job in successfully navigating some of the challenges of recent years, such as the pandemic, Brexit and the war in Ukraine. I look forward to working with the team as we continue that journey and explore new opportunities to take the business forward.”
Gateley Legal advised GIL. The Wilkes Partnership LLP provided legal advice to FDC. Shoosmiths LLP advised IGF and AG Corporate Law acted for the vendors. BSN Associates provided financial due diligence for the acquirers.