More funding increases growth

Mar 27 2008 Evening Gazette

HARTLEPOOL-BASED Exwold Technology is expanding its business on the back of a fourth injection of funding.

The funding from Evolve Finance, the specialist mezzanine and debt division of NEL Fund Manager, has allowed Exwold - an agrochemical granule formulation and packing company - to complete a merger with South-east-based firm Crack Processing.

The capital injection will also go towards increasing the company’s capacity with new processing equipment.

The new equipment will allow it to target and serve chemical companies that produce products such as flame retardants, rubber and plastics and animal feed additives.

James Robson, business development and finance director with Exwold Technology, said: “The merger with Crack Processing, which started 18 months ago, was crucial to ensure we can stay ahead in the market.”

This is the fourth investment Exwold has received from NEL since the company’s inception 15 years’ ago.

Simon Johnson, senior investment executive with Evolve, said: “It’s exciting to be a part of what is a very successful North-east business story.”