Cartesian's Arlington Industries secures £95m refinancing

The asset-backed facility will replace the company's existing package and provide additional funds to support the bolt-on of BorgWarner's Wahler thermostat business.

Automotive and aerospace components manufacturer Arlington previously secured a £45m debt package from Wells Fargo and Shawbrook Bank to support the acquisition of Magal Engineering Group in 2017. Clearwater International's debt advisory team advised Arlington on both the 2017 package and the new arrangement.

The bolt-on of Wahler will provide Arlington with a presence in the after-market space, in addition to increasing the size of its client base.

Previous funding
Cartesian supported the launch of Arlington as a consolidation platform in the automotive and aerospace component space in 2013.

Companies
Arlington is headquartered in Coventry and was founded in 2013. The company manufactures and supplies components used in the automotive and aerospace industries. It generated EBITDA of £12.2m from a turnover of £171m in the year ending in March 2018, according to publicly available documents.

Oberboihingen-headquartered Wahler manufactures exhaust gas recirculation (EGR) valves, EGR tubes and thermostats for use in combustion, hybrid and electric vehicles.

People
Cartesian Capital – Geoffrey Hamlin, Paul Pizzani (partners); Beth Michelson (senior managing director).
Arlington Industries Group – Mark Franckel (CEO).

Advisers
Company – Clearwater International, Mark Taylor, David Grassby (debt advisory).

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