Teesside-based Chemoxy, one of Britain’s fastest growing, independent contract and speciality chemical manufacturers, received a £10m growth capital investment from BGF
. At the same time, The Royal Bank of Scotland (RBS) via its Complex Transaction Execution team in Leeds provided a £10m new working capital facilities taking the total funding package to £20m.
Chemoxy operates from two sites in Teesside. It provides specialised manufacturing services to a wide range of large blue chip companies in the chemical and oil and gas industry. In addition, it has developed its own portfolio of low-toxicity solvents - including its successful Coasol range - used in environmentally friendly paints, industrial coatings and cleaning products.
The business has experienced rapid growth since it was acquired from Dow Chemicals in 2011 in an MBO led by Chief Executive Ian Stark and Chief Operating Officer Martyn Bainbridge, increasing turnover from £34m to around £50m today. To date, the team has invested more than £10m in new plant and acquired new land at their Billingham site in preparation for future growth.
More than 130 people including chemical engineers and apprentices are employed, of which 32 percent are graduates/PHDs. Its international presence continues to grow with around 60 percent of the chemicals produced or processed at the two sites shipped to overseas markets.
The business will use the new funding package 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. Chemoxy’s management team has an ambition to grow revenue to in excess of £100m by 2020.