Arsenal Capital's IGM completes refinancing

The refinancing featured a €25m unitranche facility provided by HIG WhiteHorse, HIG Capital's credit-focused arm. In addition, unquote" sources revealed additional debt was sourced from Deutsche Bank, which provided an asset-based lending package. 

According to the same sources, the deal involved a dividend recap for majority owner Arsenal Capital, covering but not exceeding the repayment of IGM's existing equity bridge loan.

The facility had been used by the business during the carve-out of the photoinitiator operations of Italian corporate Lamberti in late June. The bolted-on business, which was incorporated as a subsidiary of IGM, followed the purchase of Chinese UV curing specialist IHT in August 2014.

The restructuring comes three years after Arsenal Capital acquired IGM. In September 2012, the New York-headquartered GP invested via its second and third funds in return for a majority stake, while the company's founder and former CEO John Huiberts kept a minority interest.

The acquisition, the fourth to be sealed by Arsenal Capital's speciality industrials team in 2012, came as the GP announced it would support the company's build-up plans within the UV radiation cure segment.

Company
Founded in 1999, IGM Resins develops chemicals such as photoinitiators and acrylates for the ink and coatings industries. Headquartered in Waalwijk, the company operates offices in France, Spain, Italy, the UK and is also present overseas via offices in the US, Brazil and China. Headcount currently sits at 570 employees.

People
Haseeb Aziz, managing director at HIG WhiteHorse, coordinated the firm's work on the deal. John Huiberts is IGM's founder and president, while Edward Frindt is CEO of the business.

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• Topics
• Benelux
• Restructuring
• Industrials
• Netherlands
• HIG Capital