Wardle Storeys

Bank of Scotland Corporate Banking has provided a £112.5m debt financing package to support the demerger of Air-Sea Survival Equipment Group (ASSE) from Wardle Storeys Ltd. ASSE is a recognised manufacturer of aerial delivery systems and inflatable survival equipment. As part of the transaction Bank of Scotland has also provided separate funding to the Technical Products Division, a niche supplier of polymer foils and polymer coated fabrics. Previously, Wardle raised funding from Alchemy Partners to finance the £124m MBO of the company (31 January 2000, page 17), and also received a £50m funding from Bank of Scotland to support its acquisition of five companies (18 June 2001, page 31). Further to these demergers, the two new stand-alone entities are aiming to enhance their business performance through greater corporate synergies.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland