Pemberton supports Carlyle-backed Cupa´s bolt-on acquisitions
Overview
Pemberton, a leading European private debt manager transforming traditional credit markets, backed by one of Europe’s largest insurers, Legal & General Group PLC, has provided financing to support two bolt-on acquisitions by Cupa, the largest producer of natural slate in Spain and a distributor of roofing materials in the UK, backed by The Carlyle Group.
Cupa has acquired Rinus Roofing, an independent UK distributor specialising in roofing materials, and Proinor, a producer of natural slate in Spain. The acquisitions are the latest steps in Cupa’s expansion plan and will consolidate its leading position in the slate market. As an existing lender to Cupa and having worked closely with The Carlyle Group, Pemberton were able to successfully secure the financing within just six days.
Founded in 1968, Cupa now owns 16 quarries in the largest slate reserves around the world, as well as 22 processing plants, from where it distributes its slate globally. Cupa is now responsible for one in every three pieces of slate installed across the world.
Pemberton supported Cupa’s bolt-on acquisitions of Rinus Roofing and Proinor through its Mid-Market Debt strategy. Other recent deals via this strategy include supporting CapVest’s acquisition of IPN, and the refinancing of Astoria. Pemberton has expanded its footprint in Spain since opening an office in the region in September 2020.
We are pleased to support Cupa in its acquisitions of Rinus Roofing and Proinor, allowing the company to reinforce its international presence and leading market positioning. We were able to deliver the necessary support in a short space of time without compromising on our stringent lending process, thanks to our existing understanding of Cupa’s strategy, risk profile and strong relationship with the Carlyle team.
– Leticia Ruenes, Managing Director and Head of Spain at Pemberton
The rapid turnaround and smooth execution of these transactions gave us certainty and confidence in Pemberton as a financing partner.
– Chris Scott, Managing Director of European Capital Markets at The Carlyle Group
