Viscose Closures has repaid a 7-figure finance package originally put in place in 2011 with Finance Wales (later to become to the Development Bank of Wales).
This substantial investment provided the financial resources to purchase the company via a Management Buy-Out (MBO) and to successfully grow the business, invest in its manufacturing plant and product range, and to create additional employment in Swansea.
All debt has been repaid to DBW, who remain a minority shareholder in the company.
Viscose has been manufacturing in the UK for over 125 years and in Swansea for 70 years. They are a leading manufacturer of Film and Cellulose tamper evident solutions primarily for the Food, Beverage, Pharmaceutical and Scientific Equipment sectors. The company is a global supplier with export markets in the US, Australasia, and the Far East, supported by its global distribution network.
Today Viscose Closures Limited is regarded as one of the market leaders in its sectors.
Vince Minchella, CEO said: “Development Bank of Wales have been an integral part of the Viscose journey and provided the critical funding which has supported the company for the past 9 years. We are grateful for their support and we are also excited to move into the next chapter with ambitious growth goals in place to secure a strong and prosperous future”
Andy Morris, of Development Bank Wales said: “Our combined equity and debt funding packages often help to facilitate succession planning and exit strategies, providing much needed patient capital to fund management buy-ins, buy-outs and investments. As a global manufacturing business based in Swansea, we’ve been pleased to support the Viscose team and wish them every success with their future growth plans.”