UK plastic piping and sanitary systems company Polypipe have announced a major refinancing scheme to allow for future growth.
The move sees Polypipe buy out the equity controlled by US private equity firm Castle Harlan, financed by UK-based Bank of Scotland.
The new arrangement, said Polypipe Group ceo David Hall, provides the business with “a longer term investment horizon and can provide access to additional funds for expansion, including the potential for further complementary acquisitions.”
He added that a team of nearly 50 senior managers, who invested in the company alongside Castle Harlan, will now hold a controlling equity stake in the company “giving us greater control over our future plans”.
As a parting gesture, Castle Harlan and Polypipe are contributing £100,000 each to endow a charitable scholarship fund for the education of Polypipe personnel and their families.