CBPE's Allied Glass refinances with £75m Investec package

Kenny Wastell
26 April 2017

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CBPE Capital-backed Allied Glass Containers, a UK-based producer of glass bottles and containers for the spirits and food market, has undergone a ТЃ75m refinancing.

Alternative lender Investec provided a package consisting of asset-based and cashflow lending, in addition to working capital.

The repayment structure includes a mixture of evergreen revolvers and an amortising term loan.

The transaction comes three and a half years after CBPE reacquired Allied Glass from Equistone Partners Europe, having originally sold the company to Equistone in August 2010.

At the time of CBPE's acquisition of the business, Investec joined HSBC, Lloyds TSB and GE Capital in providing senior debt facilities to support the transaction.

Investec highlighted growth in the global whisky and gin markets as the main drivers of Allied Glass's growth strategy.

Previous funding
CBPE first invested in Allied Glass in 2002 when it acquired a 65% stake in the company's spinout from Associated British Foods.

Equistone (then Barclays Private Equity) acquired Allied Glass from CBPE in a deal worth £75m in August 2010. The deal saw Equistone investing £29.5m for a majority stake in the company, alongside a reinvestment from management and senior debt facilities provided by HSBC and Lloyds TSB.

CBPE then reacquired the business three years later, in a £120-130m deal.

Company
Established in 2000, Leeds-based Allied Glass manufactures specialist glass bottles and containers, mainly for the spirits and specialist food markets. Notable customers include Highland Park, Langley's Gin, Brugal, The Macallan and The Famous Grouse.

The company also carries out design and prototyping work to help clients with product redesigns and new product launches.

Allied Glass generated a turnover of £94.3m in 2015, according to publicly available documents, with profit on ordinary activity before taxation of £7m.

People
CBPE Capital – Matthew Hutchinson (partner).
Allied Glass – Alan Henderson (CEO).
Investec – James Cullen, Paul Rablen, Steve Ive (directors).