Nordic wins The Binding Site finance
Nordic Capital Fund VII has received a debt financing facility to support its acquisition of The Binding Site in Birmingham.
Funding was secured from SEB and HSBC's Midlands leverage finance team.
The private equity firm said it would also use the funding to build on its international expansion and product development.
The Binding Site, headquartered in new premises on Calthorpe Road, Birmingham, provides diagnosis equipment to laboratories and clinicians.
Founded in Birmingham University Medical School in the early 1970s, the business now operates in Belgium, Czech Republic, France, Germany, Italy, Spain, and the USA.
Mark Culwick, chief financial officer of The Binding Site, said: "Alongside the investment from Nordic Capital, the new debt facilities provide the business with the firm financial foundation to support its ongoing rapid development. Crucially, it will enable us to continue our significant investment in the development of our products. In HSBC we have a partner who, in particular, will be able to support and facilitate our international expansion."
This financing follows HSBC's investment support for Nordic Capital Fund VII’s acquisition of Britax, the child car safety seat provider, earlier this year.
