CreditSquare arranges acquisition capital for American industrial group
CreditSquare has arranged debt financing for the US based Dynamic Industrial Group’s (“Dynamic”) acquisition of Hydram Engineering Limited (“Hydram”), a precision sheet metal fabricator based in Durham, England.
Dynamic (www.dynamicindustrial.com) is a privately-owned business with its main headquarters in Michigan, USA. Hydram is Dynamic’s first acquisition outside the US, joining Dynamic’s existing portfolio of companies – Gem City, Dynamic Metals and Dexter Stamping – all based in the mid-west and having an established reputation, specialising in supplying precision metal components for the aerospace, defence, automotive and rail sectors.
Hydram is a leading supplier of sheet metal components, assemblies and light fabrications to customers throughout the UK. The company provides the full range of subcontract engineering services and supplies components and sheet metal fabrications to market-leading companies in sectors such as rail rolling stock, bus manufacture, electrical & electronic products, lighting, defence and earthmoving machinery.
Dynamic’s acquisition of Hydram was aided by a £10 million debt facility from a specialist direct lender, arranged by CreditSquare.
“We are delighted that Hydram has joined the Dynamic team. We see great synergy between the two businesses, in respect of skill sets and customer portfolio. Because of their focus on quality and customer service, Hydram will become our platform for expanding into the UK and wider European market. All parties worked hard to conclude this transaction and we are grateful to all those involved. I would like to thank CreditSquare who were diligent with all parties throughout and supported us all the way through the process. We will use CreditSquare on future transactions.”
Dynamic Industrial Group
“We are delighted to have assisted Don and his team on this acquisition. There is a great strategic fit between the two businesses and now, with proper funding support in place, Dynamic can continue to drive the impressive growth that Hydram has achieved over the past few years. All parties worked hard to get this done, and it was pleasure to work with both the Dynamic and Hydram teams on this transaction.”
“The financing of Dynamic’s acquisition of Hydram shows that the specialist direct lending segment is providing the much-needed support for the growth of core UK engineering businesses. CreditSquare will continue to actively work with clients and lenders in this space and we are particularly happy to have struck up a strong working relationship with such a high quality mid-market company as Dynamic Aerospace and Defence.”