August's Rixonway in £15m refinancing

BDO Debt Advisory advised Rixonway on the refinancing, which was supported by PNC Bank.

August acquired a majority stake in Rixonway in May 2006, backing the management buyout of the company via its August Equity Partners IV fund. Singer & Friedlander provided a senior debt facility for the transaction.

The firm acquired Rixonway via an auction process run by Rothschild and bought its stake in the company from vendor Curtis Wright, according to unquote" data.

The refinancing will allow Rixonway to expand further through the launch of its new Halvanto product range, which is aimed at the independent merchant and private development market.

Company
Founded in 1978, Rixonway is headquartered in Dewsbury, West Yorkshire, and currently employs 470 staff. The company is believed to have generated revenues of £30.1m in the year ending February 2013, as well as an operating profit of £767,700.

Rixonway manufactures and installs kitchen unit ranges and accompanying features, such as worktops, splashbacks, sinks, taps and handles. The company claims to manufacture more than half a million kitchen units each year.

People
Paul Rose is the CEO of Rixonway. August managing partner Philip Rattle led the firm's initial investment in the company and sits on its board as a non-executive director, according to unquote" data.

Advisers
Company – BDO Debt Advisory (Debt advisory).

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• Topics
• Restructuring
• UK / Ireland
• Consumer
• United Kingdom
• August Equity LLP
• Refinancing