18.2M€ financing in favour of CTL-TH Packaging Group

ChetWode announces the EUR 18.2M financing by the Predirec-ABL2 fund, in favour of Tuboplast (CTL-TH Packaging Group).

As a key player in the plastic tube market, CTL Packaging has for 50 years produced high technology packaging solutions for the luxury cosmetic and pharmaceutical industry (flexible plastic tubes, laminated tubes, caps etc) for prestigious customers such as l’Oréal, Givenchy, Hermès, Christian Dior. Thanks to sophisticated know-how and state of the art technologies, the Group is now ranked 3rd in the European plastic tube market. Headquartered in the Spanish Basque country, the Group employs 750 people and has 3 production sites dedicated to plastic tube production (Tuboplast in Vitoria, Spain, CTL France and CTL USA), and a fourth site specialised in laminated tubes (Tapser in Barcelona).

In 2018, via LB Oprent, one of the leaders in strategic equipment leasing in Spain, CTL Packaging called upon the services of ChetWode, European specialist in industry financing and Acofi, a major player in the creation and management of lending funds, to assist in its development objectives and financial resource optimisation, namely to support its latest innovation: the ESTube.

In January 2019, a 18.2M€ sale & leaseback financing was put in place via the the Predirec – ABL2 fund, recently created by Acofi in partnership with ChetWode; this financing was based upon a plastic extrusion and intrusion line, in favour of a subsidiary of the Group, Tuboplast Hispania.

«By refinancing part of our production assets, we intend to improve our profitability and finance our growth. This sale & leaseback allows us to obtain the financial resources required to reinforce our competitiveness, in an environment where profitability is increasingly dependent on market growth and innovation», states Imanol Sanchez Alvarez, CEO of CTL-TH Packaging.

ChetWode and LB Oprent welcome this second sale and leaseback transaction put in place jointly via the Predirec-ABL2 fund: « As the latest achievement of the exclusive cooperation agreement concluded between ChetWode and LB Oprent, this operation further demonstrates our collaboration in respect of our common aim, financing industrial renewal in Europe», comments Simon Hamilton, General Manager of ChetWode. Jose Antonio Lozano, LB Oprent CEO adds: « we are delighted to support CTL Packaging in their development of innovations designed to meet the most demanding needs of customers searching for excellence”.

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