UK-based aerosol manufacturer James Briggs announced a major refinancing deal which will see its management team take a stake in the company, Business Manchester reports.
Based in Oldham, Manchester, the company outlined a £8.5 million (€9.62 million) funding deal with UK merchant banking group Chase Brothers.
Investment firm Endless will continue to hold a majority stake whilst management will also take a significant shareholding in the business.
“Having recently taken up the role of chief executive, I’m very proud to be leading James Briggs into a new era,” James Briggs chief executive Paul Blackaby told Business Manchester.
“The management team have increased their investment in the business and we’re now looking to the future with optimism thanks to the dedication and tenacity of our committed workforce who have been fundamental to the improvement in our performance.”
According to the report, James Briggs has seen a major turnaround over the last few years, with its earnings before interest, tax, depreciation and amortisation (EBITDA) increasing by 100% to £2.4 million (€2.72 million) on revenues of £45 million (€50.94 million).
“We are delighted to have supported the management team and Endless with facilities to help fund the refinance, balance sheet reorganisation, and ongoing working requirements of James Briggs, and look forward to working with Paul and the team during the next stage of their growth plans,” Jeremy Bolton, head of ABL sales at Chase Brothers said.