Norican Group, a Danish metallic parts enhancement company has completed a financial restructuring. No terms were disclosed, except that the deal involved existing Norican equity sponsors (Mid Europa Partners and Mezzanine Management) and lenders (Nordea, HSH and DnB Nor).
Norican Group the world’s leading metallic parts enhancement company (by virtue of its ownership of both DISA and Wheelabrator Group) is pleased to announce that the company has successfully concluded its financial restructuring negotiations with the support of its equity investors and existing lenders.
“This is a tremendous vote of confidence in the business by both our equity investors and our debt providers”, commented Robert E. Joyce Jr., chief executive officer, Norican Group. “Successfully completing this transaction ensures an uninterrupted delivery of value to our customers throughout the world during this unprecedented economic slowdown.”
“We are pleased with the outcome of this process. This refinancing reinforces our 100 year history and allows us to continue our approach of investing in the future of our business and that of our customers and suppliers” added Andrew J. Matsuyama, chief financial officer.
“The new transaction, concluded with the banks will significantly increase the Company’s financial flexibility by better matching its debt obligations with the operational cash flow generation profile,” added Zbigniew Rekusz, Partner at Mid Europa Partners. “Significant equity contributions from the existing sponsors of Mid Europa Partners and Mezzanine Management and new money injection into the business will improve the capital structure and enhance the financial capabilities of the Norican Group.”
Mr. Joyce concluded: “The message to all our existing stakeholders is business as usual. Our customers will continue to receive the high quality technical solutions and on-site support they have come to expect from us, our staff will continue to deliver the most innovative products and services in the industry and our partners will continue to benefit from their ongoing relationship with us. Credit goes to our investors (Mid Europa Partners and Mezzanine Management) and our banking syndicate (Nordea, HSH and DnB Nor) for recognizing the inherent value creation potential of this great company. We all look forward to delivering on this potential as the global economy recovers.”
About Norican Group
Norican Group is the world’s leading provider of technology and services for improving metallic parts. Currently the offer includes all forms of parts formation (horizontal, matchplate & vertical moulding) and surface preparation technologies (airblast, wheelblast and mass finishing). Its core branded technology platforms are DISA and Wheelabrator. The organisation represents over 100 years of expertise and experience, and employs more than 2,000 people over 5 continents, with major operations in Canada, China, Czech Republic, Denmark, France, Germany, India, Poland, Switzerland, UK and USA. Norican Group works with the industry’s leading representatives and business partners in serving its customers throughout the world.
For additional information on Norican Group please visit: http://www.noricangroup.com.
About Mid Europa Partners
Mid Europa Partners (MEP) is a leading independent private equity investment firm focused on Central and Eastern Europe, with approximately EUR3.2 billion of assets under management.
The Mid Europa team employs a pro-active, hands-on approach towards investments, working in conjunction with the management teams of portfolio companies, to deliver long-term value creation, by applying our unparalleled sector knowledge, operating experience, and broad sector expertise.
Funds managed or advised by MEP typically invest EUR50 million to EUR200 million in mature, cash-flow generative companies with enterprise values ranging from EUR100 million to EUR1,500 million, which have strong market positions in sectors with high barriers to entry.
For additional information on Mid Europa Partners please visit: http://www.mideuropa.com.
About Mezzanine Management Central Europe
Mezzanine Management Central Europe (MMCE) is an independent investment firm and the pioneer of the mezzanine product in the region. It focuses on providing capital to businesses for expansions and acquisitions, management-led equity deals, recapitalisations and buy-outs.
With an experienced team of Partners, it is the leading Central European subordinated debt investor with offices in Austria, Hungary, Poland, Romania and the Ukraine. It has committed and invested over EUR400 million in 27 companies across 8 countries.
For additional information on MMCE please visit: http://www.mezzmanagement.com.