Chemoxy, a Teesside, UK-based independent contract and speciality chemical manufacturer, received a £10m growth capital investment.
Business Growth Fund made the investment while the Royal Bank of Scotland (via its Complex Transaction Execution team in Leeds) provided a £10m new working capital facilities taking the total funding package to £20m.
The company intends to use the funds to make further investments in capital and plant over the next four years in order to increase capacity, expand its product and service range and drive growth.
The management team plans to grow revenue to in excess of £100m by 2020.
Acquired from Dow Chemicals in 2011 in an MBO led by Chief Executive Ian Stark and Chief Operating Officer Martyn Bainbridge, Chemoxy provides specialised manufacturing services to a wide range of large blue chip companies in the chemical and oil and gas industry. In addition, the company has developed its own portfolio of low-toxicity solvents – including its Coasol range – used in environmentally friendly paints, industrial coatings and cleaning products.
Chemoxy, which operates from two sites in Teesside, has a turnover of around £50m and employs more than 130 people including chemical engineers and apprentices.