Four D Rubber Company Limited, a Midlands-based manufacturer of rubber latex sheeting, has been sold to a management team led by experienced entrepreneur and rubber industry expert, Richard Gogerty. The deal was supported by funding from Santanders Breakthrough Programme and Finance Birmingham.
The funding package from Santanders Breakthrough Programme comprised a £1m term loan, £500,000 Invoice Facility and £900,000 of Growth Capital alongside £1.2m of mezzanine and equity capital from Finance Birmingham.
The management team were supported in the transaction by Richard Medd at law firm Browne Jacobson and by due diligence work carried out by BDO, PMSI and Freeths.
Four D was formed in 1964 and has a proprietary process for the continuous casting of high specification latex sheeting. This has many applications but in recent years, the business has become a leader in its chosen markets of health, dental and medical, fashion and industrial. There is further exciting potential in these sectors going forward.
The business has a global customer base with over half of sales for export customers. It has production facilities both in the UK and at its Sri Lankan subsidiary, Quality Latex Products Ltd with around 115 employees across the two locations. Further jobs are expected to be created in the Midlands as the business grows.
The management team going forward will consist of Richard Gogerty, the new Managing Director, along with existing Technical Director John Britton and Financial Director Asher Lambert.