GE Capital, one of Europe's leading providers of asset based lending, today announced that it has provided Expamet Building Products with financing facilities of £8.35million which will be used to help the future growth plans of the business. These financing facilities comprise invoice discounting, inventory and plant and machinery loans.
With its main base in Hartlepool, Teeside, Expamet Building Products is a market leader in plasterers' accessories, builders' metalwork, construction and expanded metal mesh and lath. The business employs over 120 people in Hartlepool and Ireland. GE Capital initially provided funding in 2007 to fund the acquisition by management and has recently extended additional facilities to fund a management buy-out which will enable the team of Nigel Dickinson, Brian Emerson, Roger Hall and Joe Knowles to further grow and enhance the business.
Nigel Dickinson, chairman and managing director, Expamet Building Products, said: "We already have a relationship with GE Capital and wanted to continue working closely with this partner. The team has constantly showed a clear understanding of our priorities and the structure necessary in order to provide us with crucial funding and speed of delivery. We have worked hard through the recent economic challenges, and are encouraged that the funding provided by GE Capital gives us the opportunity to capitalise on our growth ambitions."
Mark Beaumont, senior client manager, GE Capital said: "Expamet's turnover was affected by bad weather at the start of 2010. We worked closely with the company's senior executives to ensure ongoing support and demonstrated our commitment to providing the business with the capital it required. The management team is dynamic and impressive - a significant reason as to why GE Capital was so keen to continue funding a business with whom we have developed a deep understanding and an excellent relationship.''
GE Capital is one of the world's largest providers of working capital and accounts receivable financing. In Europe alone, GE Capital has provided more than $500 billion in accounts receivable financing in the form of factoring over the past 10 years and in the UK enables over 90,000 customers to successfully run and manage their business every day.
Angela Goulding
GE Capital
[email protected]
0870-458-8421
Michael Goodbody
GE Capital EMEA
[email protected]
+44-207-302-6269
+44-7899-808-239