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12 Mar 2024

BZ, a leading UK-based structured finance specialist, has announced today that it has completed a refinancing for Cooper Turner Beck, a global leader in the manufacture and supply of high strength, safety critical fasteners. The facilities comprise of full-suite asset-based lending and cash flow loans, supporting Cooper Turner Beck in the UK, US, Germany, France, and Belgium. The financing demonstrates BZ’s capability to unlock liquidity in large, complex, and multi-jurisdictional situations.

Cooper Turner Beck has recently achieved a record order book for its products that are used in the energy, construction, tunnel and rail markets.  To support this growth, the company has opened a new plant in Chennai, India; expanded its facilities in France; increased its automation capabilities in factories in North America and Europe and added production lines to its existing facilities around the world.

Mal Hartland, Cooper Turner Beck’s Chief Financial Officer, said, “Successfully concluding this financing demonstrates the confidence that BZ has in our business. This marks a key milestone for our customers, employees, shareholders, and other partners.  We completed this financing with an ABL industry leader such as BZ based on the strength of our underlying business.”

Cem Yaslak, Regional Director at BZ, said: “We look forward to supporting Cooper Turner Beck in the next phase of its growth strategy.  The management team has been impressive throughout the process and their record order book supports the company’s potential for future growth across multiple jurisdictions.”

Cooper Turner Beck’s lead shareholder is the Watermill Group, a Boston-based strategy-driven private investment firm. Speaking about the successful refinancing, Steven Karol, Founding Partner at the Watermill Group, said: “Cooper Turner Beck has had a track record of strong growth and profitability.  We are committed to their business plans, which include the energy sector as well as other markets that balance their portfolio.  Having BZ as another strong partner will help the company achieve its growth targets in an even shorter time horizon.”

The company’s largest segment is the supply of safety critical fasteners to highly specialised energy markets, including onshore and offshore wind; upstream and downstream oil and gas; nuclear and gas turbines.  Its products meet and exceed global standards for these challenging markets where dependable quality is mandatory. 

Deloitte advised Cooper Turner Beck as lead financial advisor on the refinancing. Robert Connold, Partner at Deloitte said: “We are delighted to have been able to support both Cooper Turner Beck and the Watermill Group as debt advisor on this refinancing. The business has supportive and committed shareholders and lenders to ensure it is well positioned for future growth.”

About BZ
Part of a global asset manager with $37 billion of assets under management, BZ offers structured, multi-jurisdictional facilities that deliver working capital and corporate structuring solutions to support its clients' requirements. The company provides leading advisers and private equity groups with flexible structured finance solutions, including asset-based lending and cash flow loans. BZ combines the extensive experience, knowledge, and capabilities of its team with a proven track record of successfully executing large, complex multi-jurisdictional transactions.

About Cooper Turner Beck
Cooper Turner Beck is a global leader in the manufacture and supply of high strength, safety critical fasteners.  The company’s focus is to offer a seamless, one-stop shop for its customers in the energy, construction, rail, tunnelling and other safety critical markets.  Cooper Turner Beck has a long-standing reputation for quality products and services.  With manufacturing and distribution facilities in Europe, Asia, and North America, the company is well positioned to support its customers throughout the world.