Sussex-headquartered Trifast says 'milestone' £120 million financing package will help it grow globally
Sussex-headquartered global industrial fastenings business Trifast has secured a £120 million financing deal, which it will use for various activities, including investing in a new national distribution centre near Birmingham.
Trifast supplies to customers in around 70 countries in various industries, including light vehicle, heavy vehicle, health, energy and technology.
The new funding, backed by UK Export Finance (UKEF), includes a £50 million export development guarantee facility, enabling a loan from HSBC UK, NatWest and Citi.
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It also involves a renegotiation of Trifast’s existing revolving credit facility. The new three-year £70 million facility is split between HSBC UK, NatWest and Citi.
"This deal marks an important milestone for the group," said Darren Hayes-Powell, the chief financial officer at Trifast.
"This combined finance facility gives us the flexibility to invest and grow the business in our key sectors on a global basis. It also supports our export ambitions and our commitment in research and technical innovation and provides our key Tier 1 and Tier 2 customers access to cutting-edge technologies that will drive to improve efficiency and sustainability within our businesses."
Plans from the company include a substantial investment in a new national distribution centre near Birmingham for its UK subsidiary TR Fastenings Ltd.
The 75,000 square foot centre is expected to increase operational efficiencies, customer collaboration and mean a round-the-clock service.
The funding also increases Trifast's working capital, which will fund organic growth and new product ranges, as well as allowing investment into group functions and software development.
Esi Eshun, director of Business Group at UK Export Finance, noted: "This is an important deal which sees UK Export Finance help Trifast to realise its international growth ambitions.
"Trifast plays an important role in supporting major global assembly industries, and I am proud to see our backing enable the continued growth of this innovative exporting business."
Michael Farr, senior director, Corporate Banking Origination, HSBC UK, added: "Trifast supplies customers in many sectors including automotive, energy, tech and infrastructure, both within the UK and internationally.
"As a global bank, our reach will help Trifast with its growing export ambitions as well as supporting the business in driving technical innovation across geographies and sectors."
