Better Capital will put an additional £8m into the business for working capital, putting its total investment at £40m.
The deal came about as paper packaging and office products supplier DS Smith sells Spicers to Spanish rival Unipapel for £200m. Under the terms of the deal, the company has been broken up, with Moulton’s private equity fund taking the UK and Ireland operations.
Closure is dependent on Spicers going to Unipapel. According to reports, Better Capital came in less than a week ago as Unipapel courted a buyer for the UK and Irish operations.
With steady £350m revenues, this is not seen as a rescue play, but rather an opportunistic move by Better Capital to snap up a discount.
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