Key Capital Partners (KCP) has provided expansion financing to Wells Plastics, and taken a minority stake in the company.
Key Capital Partners (KCP) has provided expansion financing to Wells Plastics, and taken a minority stake in the company.
KCP has invested £3.8 million in equity in the company, alongside senior debt facilities from Natwest and investment from incoming executive chairman, Paul Richardson. Members of the existing management team including sales and marketing director Carl Birch, technical director Andrew Barclay and former managing director David Nelson will retain a role at the company
The buy-out of the additive manufacturer will enable Wells Plastics to target markets in the Middle East, Africa and South America.
Andy Gregory, KCP partner comments: ‘Our investment will enable the company to expedite its growth strategy and to move increasingly into global markets.’
Staffordshire-based Wells produces specialist additives for plastic manufacturers and processors, which modify the properties of the plastic to improve characteristics such as UV and flame resistance.
Growth in demand for its Revert product, which speeds up the natural degradation process of plastic, such as carrier bags, has driven increased sales at Wells, according to a statement from the company.
Paul Richardson, executive chairman at Wells comments: ‘The company will draw on the investment to market directly to consumers in order to increase awareness of the benefits of the product.’
