LIVERPOOL, England — Turtle Wax secured an approximately $9.3 million (£6 million) funding agreement with Bibby Financial Services (BFS), according to the International Carwash Association (ICA).
The agreement is to help assist growth plans for Turtle Wax’s Europe, Middle East and Africa (EMEA) operations, the article stated.
“We have ambitious plans to grow throughout the EMEA region and required a finance partner that not only understood the history and seasonality of our business, but [could] also support our expansion plans for the future,” said Mark Brickhill, EMEA president for Turtle Wax, in the article. “We considered a number of options but Bibby Financial Services [was] able to demonstrate both experience and acumen in structuring a finance package that was competitive and flexible.”
Turtle Wax relocated its EMEA headquarters to Bootle, Liverpool, last October, the article continued.
Following the launch of two new product lines, Perfect Finish and Essentials, the company is now planning to grow its market share throughout the region, the article reported.
“Turtle Wax is a market leading, global brand with significant expansion plans,” said Chris Farnsworth, corporate manager for BFS, in the article. “This was a complex deal, where we had to get to know the business, understand their future plans and structure a finance facility that would support domestic growth here in the U.K. but also help them to achieve their ambitious export targets throughout Europe, the Middle East and Africa.”
Turtle Wax, founded in 1945, is a family-owned and operated car care business with sales in over 90 countries, noted the article.
You can find the article here.
