Nedbank Corporate Banking has provided a R580 million six-year term debt package and a general banking facility of R150 million to the Universal Industries Group as part of a R1.3 billion acquisition by Ethos Private Equity. Universal has consequently been delisted from the JSE.
"As lead debt arranger and underwriter for the Ethos-led acquisition, this transaction proves our capability to successfully conclude transactions in the private equity arena," says Graeme Auret, managing executive of Nedbank Corporate Banking.
Services to meet growth aspirations
"Nedbank has been banking partner to Universal for seven years, and we are pleased that we can continue to offer services that meet their growth aspirations aligned to their strategy," adds Auret.
Universal is a supplier of speciality refrigeration systems, baking systems, polyurethane insulated panels, and commercial catering and kitchen equipment. The group supplies mainly to the food retail, wholesale, hospitality, manufacturing and related industries, such as supermarkets, petrol station convenience stores, fast-food outlets, restaurants, hotels, wholesalers, institutional, industrial and government kitchens, refrigeration and catering contractors.
