McColl’s Clyde Bergemann seals bank financing to aid international growth
ONE of engineering tycoon Jim McColl’s businesses has signed a $117 million (£72m) refinancing deal with Lloyds Bank to fuel its international expansion.
The mixture of senior debt and working capital will allow East Kilbride-based Clyde Bergemann Power Group (CBPG) to push further into Europe, Africa, the Americas and Asia.
CBPG makes machines that clean boilers and heat exchangers at coal- and gas-fired power stations, along with equipment for transporting ash and cleaning smoke from stations.
McColl led a management buyout at London-listed Clyde Blowers in 1992 and later bought Bergemann, a subsidiary of Deutsche Babcock. He then took Clyde Blowers private in 1999 in a £24.5m deal backed by venture capital group 3i.
Graham Lees, finance director at CBPG, said: “Lloyds Bank has been a supportive backer of our business for many years and understands the global potential of our expertise in providing products and engineering solutions to the clean energy markets.
“This agreement will continue to underpin our growth over the coming years as we seek to expand our operations in our key growth markets.”
Stephen McNeil, relationship director in the Glasgow office of at Lloyds Bank Wholesale Banking & Markets, which lends to companies that turn over more than £15m a year, said: “CBPG is a highly innovative group of companies with a wide range of market-leading expertise and technology across multiple sectors around the globe.
“This new agreement puts them in a strong position to continue funding their expansion.”
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