By Naomi Szeben
Global safety solutions company Survitec announced completion of a £270 million (over CA $466M) refinancing with funds managed or advised by the Credit Group of Ares Management Corporation (“Ares.”)
Ray Leclercq, Survitec’s Chief Financial Officer said in a statement, “Successfully concluding this financing demonstrates the confidence we believe that Ares and M&G have in our business. This marks a key milestone for Survitec’s customers, employees, shareholders and other partners. We completed this financing with an industry leader such as Ares based on the strength of our underlying business, meeting our current performance targets with year-over-year improvement in profitability as well as our growth plans for the coming years.”
Speaking on the successful refinancing, Ralf Ackermann, Partner at Searchlight Capital Partners, the co-controlling shareholder of Survitec, said in the same statement: “We’re pleased to have worked alongside Survitec’s other major shareholder, M&G Investments, to complete this refinancing, which will position the business well for future growth. We see ample opportunity to further strengthen Survitec’s leading position on the global stage and look forward to continuing our partnership.”
Survitec also recently announced another key element of its long-term growth plans. In March 2021, the company said it had signed an intent to purchase Hansen Protection, a European provider of specialist survival suits and protective equipment.