Cargostore Secures Revolving Credit Facility Through Secondary Management Buyout
On Thursday February 6, 2020 the management team announced a revolving credit facility through a Secondary Management Buyout (MBO) with private equity firm, Connection Capital.
The investment, coupled with new debt finance facilities provided by DunPort Capital Management, will provide us with significant capital to fund our next phase of growth; providing enhanced financial flexibility and the ability to invest in new equipment to meet demand for large scale projects for our clients globally.
Our current private equity backer, Agathos, will also retain a minority stake.
Justin Farrington-Smith, CEO of Cargostore says, “Connection Capital’s investment will be instrumental in enabling us to consolidate our competitive advantage and leverage favourable market dynamics to deliver our future growth plans. With a healthy pipeline of new business opportunities for 2020, building on a core base of long-standing customer relationships, it’s a great position to be in as we enter this new decade.”
As the world’s largest supplier of DNV 2.7-1 Offshore reefers and with our robust fleet of regular and specialist DNV and ISO equipment, we are ready to undertake larger projects and continue to meet our client’s demand worldwide.
If you have any questions about this exciting new change, please contact us at any time on
+44 (0) 208 879 1900 or email us at info@cargostore.com.
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