PwC advises Invica Group on raising financing to support continued growth and success

PwC’s Debt & Capital Advisory team has acted as advisor to the Invica Group, a leading private international industrial and engineering group, to raise financing to support the continued growth and expansion of two of its core businesses: Puragen and CPL. Facilities of £45m were raised to support the Puragen business, and £45m of asset-based funding was used to refinance the existing CPL facilities. This strategic move underscores Invica Group's commitment to sustainability and innovation in the industrial filtration, home heating and green carbon markets.

Puragen financing

Puragen offers leading activated carbon based filtration and purification services and products across a broad range of applications including air and water treatment and renewable energy processes, enabling environmental compliance and decarbonisation solutions for its customers.

The transaction has brought together two businesses within the group (the US and European arms) to operate as one centralised global business operating under a single Puragen brand. This ensures the Puragen group is closely aligned to its core markets and is well positioned as it continues to expand its Filtration as a Service offering, which includes mobile vessel rental and carbon ‘reactivation’.

The strategy and commercial strength of the business, with sustainability at the heart of its purpose, was a good fit for Tresmares Capital who have provided £45m of finance to facilitate the merger of the US and European businesses, alongside a £7.5m committed capex facility for future growth and international expansion. The team at Tresmares was led by Investment Director Miguel Sánchez.

Refinancing of CPL

CPL is a leading producer and supplier of smokeless and increasingly renewable solid fuel for domestic heating, generating revenue in excess of £170m. Alongside this, CPL is utilising its unrivalled technical and production capabilities to facilitate industrial decarbonisation through its eCoke product range, which incorporates biocarbon, made from organic waste material, into coking coal, specifically targeting the metallurgical industry.

Barclays has provided asset-based lending funding to refinance CPL’s existing facilities and support its growth. The team at Barclays was led by Director Andy Pickford.

Jason Sutton, CEO of Puragen and CPL, commented:

“To have supportive finance providers in place, who understand the business needs, is critically important and will facilitate the continued growth of the CPL and Puragen businesses. The refinancings and wider transaction enabled the achievement of major strategic objectives and positions both businesses to execute on their strategic plans going forward.”

The PwC Debt & Capital Advisory team advising on the deal was led by Dominic Renshaw and Richard Siddall, with support from Richard Davies, Alex Retamal, Steven Asquith and Emily Stansfield.

Dominic commented:

"ESG is a core pillar of both CPL and Puragen and I’m encouraged to see the support that both businesses have received from the financing market. Tresmares and Barclays have recognised the hard work and innovation that is being done to drive greener fuel products in the market and reduce industrial pollution in the UK and beyond."

Legal advice for the deal was provided to Invica Group by Shoosmiths, led by Anna Robson.