Caple supports management buyout at Euroview Architectural Glass
Alternative SME credit specialist Caple has helped Euroview Architectural Glass (EAG), an independent manufacturer of high-performance glass, access a £3m long-term unsecured loan.
Essex-based EAG will use the loan to complete a management buyout (MBO) of the company and to boost the growth of the business in the UK and internationally. It expects to grow by 15% year-on-year and to create another 10-15 jobs in the next two years.
It plans to build its business by securing larger contracts and by acquiring competitors and complementary glass manufacturers.
Caple offers access to complementary non-bank finance and does not ask for security, floating charges or personal guarantees.
Dominic Buch, co-founder and managing partner at Caple, said: “We help ambitious businesses and experienced management teams like EAG with the funding they need for growth. These larger SMEs will help the UK the economy rebuild post-Covid-19.
“But many larger SMEs struggle to access genuinely unsecured lending, which puts a brake on growth and job creation. This deal demonstrates the benefits of complementary non-bank finance to help these firms invest, grow and create jobs.”
Steve Larvin, managing director at EAG, said: “We already have a strong order book for the first quarter next year and this funding supports our MBO and growth plans into the next three years.
“In securing this funding, Caple recognised the strength of our management team, our performance, expansion plans and our focus on customer service and quality. As a result, we now have both the expertise and incentive to drive the growth of EAG.”
EAG employs 130 people and is one of the UK’s largest independent manufacturers and suppliers of large-scale high-performance glass for commercial applications. Its glass meets the highest quality and technical standards in the UK.
The firm has supplied high performance insulating sealed units for many different buildings, with complex specifications and functions. Projects include providing acoustic and solar control glass for the Exhibition Centre at Farnborough Airport, as well as solar control glass for a world-leading research centre connected to Cambridge University.
Caple is the UK’s first firm to offer access to long-term unsecured funding of up to £5m based on the future cash flows of the SME. It requires no collateral or personal guarantees as security.
The funding also works alongside existing secured financing, meaning firms can have access to more funding than they would get from their bank alone. It also allows them to maintain their existing financial relationship.
Caple’s technology platform supports a network of accountants and financial advisors to SMEs who identify suitable borrowers and prepare the loan application materials. This enables an efficient and robust credit process. Sadik Miah, consultant at corporate finance advisors Jenson Solutions advised EAG.
Sadik Miah, consultant at Jenson Solutions, said: “It is great to see this MBO get over the line and enables management team to implement its plans. The Caple team were very supportive all the way and delivered the funding EAG needed. We look forward to the next transaction.”
The funding Caple facilitates is part of BNP Paribas Asset Management’s SME Alternative Financing direct lending platform, which enables SMEs to access funding from institutional investors.