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New funding15th of September 2010
Proventec Group - the parent company of cleaning industry brands Contico, OspreyDeepclean, Frank and Proventec Healthcare - has reached an agreement in principle for a comprehensive capital restructuring with the representatives of the loan notes. The prior debt will largely
be converted into equity and there will be a cash injection of €3 million.
Chief commercial officer Thomas Stücken explained: "The new development will create a near debt-free company with a clean balance sheet and demonstrates the support of the financial market in Proventec Plc and provides a platform from which to continue the growth of the company. This will enable the business to leverage its unique proposition as a leading provider of integrated hygiene systems."