News Release | January 28, 2020
Wells Fargo facilitates acquisition of Puragen
LONDON – January 28, 2020 – Wells Fargo Capital Finance (UK) Limited, part of Wells Fargo & Company (NYSE: WFC), announced today that it worked with a newly formed European based investor group to support their acquisition of Puragen through providing a $7.5 million funding package on US based assets.
Formerly known as Oxbow Activated Carbon, Puragen (also known as Puragen Activated Carbons), offers a diverse line of activated carbon filtration and purification solutions that provide cleaner water, fresher air and better living. Post-acquisition, the credit facility will also aid ongoing working capital requirements and growth.
"We have affiliated experience of over 20 years in investing into industrial product and service businesses and 15 years in activated carbon. We plan to build the business over the longer term, creating a world class specialty activated carbon production and R&D platform, both in the US and internationally, enhancing our innovative technical capabilities and service for our valued customers" said Dave Lamb representative of the investor group.
"As sole lender, Wells Fargo Capital Finance are proud to have provided a bespoke funding solution to support the investor group's acquisition of Puragen. We look forward to continuing our successful relationship with the group and working with them in building out their long term strategy of creating a world-class activated carbon platform," said Tom Weedall, head of UK Originations, Wells Fargo Capital Finance.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance, a unit of Wells Fargo Commercial Capital, provides comprehensive asset-based lending, supply chain finance, and technology finance to a wide spectrum of companies across the UK. With offices in London and Manchester, we bring a strong and proven track record of working with clients to develop their businesses. We deliver flexible financing options for companies facing a variety of situations, including: early and midstage turnarounds, growth, leveraged buyouts, refinancing, restructurings, mergers and acquisitions. As part of Wells Fargo & Company, a leading financial services provider with a longstanding reputation for strength and stability, we can also provide access to a wide range of products and services aimed at helping companies succeed.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 260,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune's 2019 rankings of America's largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories‡.
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