Turtle Wax has secured a £6m funding agreement to help support plans to expand throughout Europe, the Middle East and Africa (EMEA).
Turtle Wax is a long-established multinational developer of vehicle car products. PPCF were appointed to advise the EMEA division on a refinancing to enable the business to operate as a standalone entity from its US parent company.
The company's new facility, provided by Bibby Financial Services, comprises a £4m invoice financing agreement alongside £2m covering trade receivables and stock funding.
Turtle Wax, which relocated its EMEA headquarters to Bootle in October 2014, now plans to grow market share throughout the region following the launch of two new product lines, Perfect Finish for car enthusiasts and Essentials for new, young drivers.
Tim Clarke, who led the deal for PPCF, commented “We are delighted to have assisted management with the implementation of a suitable financing structure, allowing for and supporting their expansion plans for the future.”