ATA Group seeking to raise €15m in funding with help from Investec Corporate Finance
Cavan-based toolmaker ATA Group has been looking to raise as much as €15m in new equity funding.
The company enlisted Investec Corporate Finance to help find new investors, the Sunday Independent has learned.
Management took control of the company last year and the new funds raised would primarily be used to repay vendor finance provided to management by a private equity firm exiting its investment in ATA.
ATA would not comment on whether a deal has been completed.
"While the company has undertaken debt and equity fundraising processes in the past, and continues to do so - subject to the company's capital needs - we do not make any public announcements regarding such processes," the company said in a statement issued to the Sunday Independent.
According to Companies Registration Office (CRO) documents, in 2015 the company posted turnover of over €65.5m and just over €14m of earnings before interest, tax, depreciation, amortisation and net exceptional administrative costs/gains.
Separate CRO documents show ATA has received backing from an arm of MML Capital Partners, the investment company that has an Irish offshoot run by Rory Quirke, formerly of Trinity Venture Capital, and Neil McGowan, formerly of FL Partners.
The company operates in 60 markets, with manufacturing centres in Ireland, the UK and the US, and specialises in precision engineering products.
Among its products are so-called burs, used for cutting and grinding metal.
Sunday Indo Business