Polimoon refinance and esablishes a new acquisition facility
30 May 2006
Since Polimoon was established in 1999 a significant part of Polimoon growth and success has been achieved through acquisitions in the niche markets Polimoon operate. Polimoon has been able to establish a strong position in consumer packaging and automotive components with a combination of focussing on product development and operational excellence with customers and acquiring companies to secure a broader manufacturing platform.
Polimoon has grown significantly over the years and with recent acquisitions annual sales are in excess of 3.2 billion NOK. In the last five years Polimoon has acquired 20 businesses contributing with sales of 2 billion NOK annually. In the same period the Group has divested 6 activities which has been considered non core with annual sales of 250 million NOK annually. In this period five locations have been closed or partially shut down to ensure economies of scale. The actions have ensured that Polimoon has developed into a company with a strong and well respected position in rigid plastic packaging and components to the automotive industry.
April last year Polimoon listed successfully on the Oslo Stock Exchange. The listing allowed Polimoon to raise new capital. Subsequent to the listing Polimoon entered into a 450 million NOK acquisition facility. The facility has to a large extent been used to secure further growth with five acquisitions concluded in the last six months.
The acquisition facility is earmarked to fund acquisitions within packaging and components.
“I am pleased that we have agreed on such a facility with DnB NOR. It will not only allow the Polimoon Group to target further growth in a fragmented market but also help secure a strong balance sheet. It signals a strong support from our banks” says Arne Vraalsen President and CEO Polimoon.
Polimoon operates in a fragmented and competitive market. The high oil prices has lead to significant increases in input costs such as plastic raw material, freight and energy the last twelve months. The increased costs have led to a pressure on margin in the industry which has opened up for possibilities to consolidate the market through acquisitions. Polimoon has used these conditions to its advantage. The refinancing will give Polimoon the needed muscles to act confidently in the future.
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