Clyde Bergemann Power Group, part of Glasgow entrepreneur Jim McColl's Clyde Blowers engineering empire, has secured a refinancing facility with Lloyds Banking Group worth $117 million (£72m) to fund its continued international growth.
The new facilities, which include senior debt and working capital, will enable CBPG to continue expanding in markets across Europe, North and South America, Asia and Africa.
Based in East Kilbride, CBPG is a world leader in boiler-cleaning technologies, enabling major operators of coal and gas-fired power stations to achieve greener and more cost-efficient operations.
As the formerly wholly-owned core of Mr McColl's empire, in which he and his partners still hold a 30% stake, the business serves a broad range of blue-chip customers across the world in the power generation, pulp and paper, waste and biomass, petrochemical, metallurgy and marine sectors.
Clyde Bergemann last month reported a resilient performance in 2011, with revenues down from £8.85m to £8.07m and pre-tax profits £300,000 lower at £1.4m, and forecast a "satisfactory result" this year.
Graham Lees, finance director at CBPG, said: "This new funding agreement will continue to underpin our growth over the coming years."
Stephen McNeil, at Lloyds Bank Wholesale Banking & Markets in Glasgow, said: "Clyde Bergemann Power Group is a highly innovative group of companies with a wide range of market-leading expertise and technology across multiple sectors around the globe. This new agreement puts them in a strong position to continue funding their expansion."
He added: "We're actively looking to increase our lending to mid-market businesses like CBPG across Scotland."
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