Ad
Ad
Ad
Ad
Ad
Ad
© pichetw dreamstime.com PCB | January 08, 2018

Isola transfers ownership to investment group

Material sciences company, Isola Group, has a new owner. The company says that it has completed an agreement to transfer its equity to an investment group led by Cerberus Capital Management, L.P. and its affiliates.
The transaction improves Isola’s capital structure and secures additional liquidity to enhance the company’s long-term financial position. Cerberus and the other new equity owners are providing a new revolving credit facility to the Isola and have agreed to amend and extend the existing secured loan facility to 2022. In addition, the cash interest expense associated with the secured facility has been reduced to one percent, and the total debt on Isola’s balance sheet has been reduced significantly, providing the Company with the financial flexibility to grow its business, the company writes in a press release.

“We are very excited to be working with the new ownership group led by Cerberus,” said Jeff Waters, President and CEO of Isola. “We have been transforming the Company over the past two years, with new products now entering the market to fuel our growth. With our new capital structure, we have new degrees of flexibility that will only accelerate our strategies and success.”

“With today’s agreement, Isola has a stronger financial outlook and access to long-term capital that positions the Company for future growth,” said Joseph A. Naccarato, Chief Operating Officer and Chief Credit Officer, Cerberus Business Finance, LLC. “Beyond financial resources, Cerberus has one of the largest and most experienced teams of operating executives and functional experts in the investment industry. We look forward to working alongside Isola’s talented management and employees to support its global business going forward.”

Comments

Please note the following: Critical comments are allowed and even encouraged. Discussions are welcome. Verbal abuse, insults and racist / homophobic remarks are not. Such comments will be removed.
Further details can be found here.
Ad
Ad
Load more news
January 19 2018 3:59 pm V9.1.0-2