Wed 04/21/2021 08:40 AM
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Financial Report

Bregal Capital has approached sponsors and corporates ahead of starting a sale for U.K.-based radiator company Stelrad, sources told Reorg. The sale is expected to be supported by a debt financing package.

The company is being marketed off EBITDA of about £26 million, sources said. Clearwater has been appointed to run the sale process.

The group reported a 12.8% year-over-year decrease in revenue to £73.6 million in 2020. The decline was caused by the reduction in sales volumes in the second quarter of the year as a result of the national lockdown due to the Covid-19 pandemic, according to the report.

The group has access to a £28 million asset-based RCF from RBS. As of Dec. 31, the company had drawn down £1.8 million of the facility and had available cash of £20.1 million.

Bregal Capital acquired Stelrad in 2013 for £230 million.

Founded in 1936, Stelrad makes boilers and radiators and has production sites in the U.K., Belgium and the Netherlands.

Clearwater declined to comment. Bregal Capital did not respond to Reorg’s request for comment.

--Lara Gibson, Lucía Camblor
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