The Business
Cooper Coated Coil is Europe’s largest producer of high quality non-stick coated metal, which it sells into the bakeware, printing and automotive industries.
The Deal
We originally invested £11.5m backing the management team of West Midlands-based Arc Specialist Engineering in a buyout of the diversified engineering group from a private turnaround investor. This was a complex deal acquiring several individual businesses, all with different operational and market dynamics, simultaneously. We were able to complete on a tight timetable by taking a pragmatic and commercial view on underlying asset value.
The Plan
All of Arc’s non-core businesses have now been sold and the proceeds were used to repay all the acquisition debt and a material amount of our loan notes, within 12 months of completion, earlier than planned. We are now focused on developing CCC as the sole remaining asset from Arc and cementing its position as a technological leader in the market for pre-coated metal.
CCC is implementing a rigorous operational improvement programme to free up trapped capacity and improve its operating margins. Although the supply of high quality non-stick coated steel to the bakeware industry remains core to CCC, its technology-led approach to new product development has seen the business develop substantial sales in several other industry sectors.
