HSBC and SEB have announced the provision of debt facilities in
support of Nordic Capital Fund VII's acquisition of The Binding
Site, the continued international expansion of the business and
further new product development.
The Binding Site, headquartered in new premises on Calthorpe
Road, Birmingham, provides market-leading products that enable
clinicians and laboratories to improve the diagnosis and management
of a range of cancers and immune system disorders. Using technology
originally developed by founder Professor Jo Bradwell at Birmingham
University, the company is focused on investing in the development
of its product range to broaden the range of disorders that can be
accurately diagnosed. The tests performed through its products are
now the internationally recognised standard and are being rapidly
adopted globally.
From its roots at Birmingham University Medical School in the
early 1970s, the business has grown to include operations in
Belgium, Czech Republic, France, Germany, Italy, Spain, and the
USA, and through a distributor network in a further 80 countries
worldwide.
This financing also follows HSBC Leveraged Finance, Midlands
support for Nordic Capital Fund VII's acquisition of Britax, the
child car safety seat provider, earlier this year.
Graham Young, HSBC Head of Leveraged Finance, Midlands said,
"The Binding Site's continued growth has been achieved by staying
at the forefront of the latest research and product development. We
are extremely pleased to be able to support and be associated with
The Binding Site, a company making such a difference to the lives
of those people who are unfortunately diagnosed with these
debilitating and often incurable conditions. This is an
international business, but with its roots firmly in the Midlands
it fits extremely well with HSBC's ability to deliver both local
and global expertise."
Mark Culwick, CFO of The Binding Site added; "Alongside the
investment from Nordic Capital, the new debt facilities provide the
business with the firm financial foundation to support its ongoing
rapid development. Crucially, it will enable us to continue our
significant investment in the development of our products. In
HSBC we have a partner who, in particular, will be able to support
and facilitate our international expansion."