Bank of Ireland support Elementis plc with their acquisition of Mondo Minerals and the refinance of its senior debt facilities
Bank of Ireland’s Industrial Manufacturing team has provided a $55m hold in the five year $775m senior debt facilities to support the refinance of Elementis plc’s credit facilities. It will also help fund the $500m acquisition of Mondo Minerals B.V. (“Mondo”), a leading integrated producer of industrial talc additives in the Netherlands. The acquisition is a complementary business with Mondo’s products used in a range of industrial applications such as coatings and long life plastics.
Elementis is a UK listed global specialty chemicals company, with worldwide operations, servicing customers in North and South America, Europe and Asia through its four operating segments, Coatings, Personal Care, Chromium and Energy. Colette Shirley, Associate Director at Bank of Ireland commented on the transaction, saying: “We are delighted to support Elementis with the acquisition of Mondo and we look forward to further developing our relationship over the coming years as the Group continues on its growth trajectory.”
Elementis CFO, Ralph Hewins, noted: “We are very pleased to once again have the support of our existing and new relationship banks and value Bank of Ireland’s continued support with the growth of our business.