Financing for an amount of 6.7 M€, for URSA Group, a leading European provider of glass mineral wool and extruded polystyrene, by Berivo, a leasing company created by Chetwode and Acofi and specialised in the financing of strategic industrial equipment.

Headquartered in Madrid and with approximately €500 million revenue, URSA is one of the major insulation players in Europe, employing around 2.000 people. With 13 production sites in 8 countries, URSA offers a wide range of insulation products dedicated to the construction industry in Europe, Middle East and Northern Africa. URSA’s annual production volumes are 300 000T for glass mineral wool and 2 000 000 m3 for extruded polystyrene.

In 2016, via LB Oprent, one of the leaders in strategic equipment leasing in Spain, URSA 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 setting up a medium-term financing to cover both its recurring needs in working capital and its industrial investments.

The combined experience in structuring and fund sourcing of Chetwode and its partner Acofi meant that in March 2017, a sale & leaseback funding for 6,7 M€ on URSA’s Spanish and French production lines was put in place by Berivo, the leasing company under Chetwode/Acofi management.

«This financing allowed us to obtain the financial resources required for the implementation of our investment and growth plans in accordance with our development strategy for the international insulation market», comments Joaquín Lozano Agramunt, President of URSA France and URSA Group CFO.

«This transaction is a major step in cementing the cooperation between our two structures and we are very happy to have a company like URSA as the direct beneficiary of this cooperation, allowing the company to achieve its financial goals. Moreover, two other transactions are currently under consideration within the framework of our cooperation agreement», explain Jean-Baptiste Magnen, Chetwode President and José Antonio Lozano, LB Oprent’s CEO.

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