Silvergate Plastics has announced that Finance Wales has successfully exited from its equity investment with the company, selling its entire shareholding to Silvergate’s team of Executive Directors.
Finance Wales has been involved with the company over the last six and half years, having backed the colour masterbatch producer since its management buy-out in 2008, and will continue to support the business as a finance provider.
“We are delighted to own Silvergate Plastics in its entirety and are very grateful that Finance Wales was able to help us grow into a sustainable and thriving organisation,” said Tony Bestall, Managing Director of Silvergate Plastics.
Originally founded in 1984, Silvergate Plastics has grown rapidly in recent years to become the UK’s largest custom colour manufacturer.
In 2008, the company was acquired from British Vita by AWB Plastics Ltd with support from Finance Wales. Since then, it has undergone a performance of ongoing investment enabling it to develop new innovations and enter new international markets.
Jerry Mobbs, Portfolio Manager, Silvergate, said: “As a long-term backer of Silvergate Plastics, our investment has been instrumental in helping the company develop its processes and technology, and achieve year-on-year growth.
“Silvergate has a strong management team and we are confident they will continue driving the company forward to even greater success and the achievement of their long-term goals.”