Canadian Powder Metallurgy producer Stackpole International, based in Ancaster, Ontario, recently reported that it had successfully completed the refinancing of its outstanding debt by raising $165 million of senior financing from a syndicate of banks. The proceeds of the refinancing were used to repay existing outstanding debt resulting in a reduction of Stackpole’s annual debt interest costs by more than 50%. The refinancing also provides additional flexibility for Stackpole to continue to implement its growth strategy.
Stackpole was purchased by the Sterling Group in conjunction with Current Capital LLC, a private equity investment and portfolio management firm, from Gates Canada, a subsidiary of Tomkins, in August 2011 and under Sterling’s ownership the company has experienced considerable growth by expanding both its customer base and geographic end markets.
The company currently has 12 manufacturing facilities and technical centres in North America, Europe, China and Korea, employing over 2,000 people globally.
Posted by: Paul Whittaker, Editor ipmd.net, [email protected]