2020
Qube Financing today announces the signing of a EUR 40m+ receivables finance program offering an efficient working capital solution for the Spanish subsidiaries of Lecta Group.
Recapitalization
On 4 February 2020, Lecta Group successfully completed a recapitalization that will materially reinforce the Company’s balance sheet and liquidity position to allow it to continue its transformation into a specialty paper company. In parallel with the recapitalization the Group has sought to put in place additional flexible working capital facilities to support the growth ambition of Lecta Group. In Qube Financing, Lecta Group has found a partner that can meet those requirements.
Qube Financing operates a fully automated, front-end to back-end, receivables financing platform, supported by PRI® inside combined with a captive credit management application PRI® CrediSoft. The platform includes a highly-efficient credit underwriting process as well as operational data exchange with clients which substantially reduce the time required to provide working capital to interested parties such as Lecta Group.
“We believe that the combination of applying the efficient PRI® inside technology and the Qube Financing platform with the captive credit management application PRI® CrediSoft will benefit the private equity sector enhancing liquidity and optimising working capital similar to what we implemented for Lecta Group”, said Kornelis Lammerts, CEO of Qube Financing.
About Lecta Group
Lecta is one of the leading European manufacturers and distributors of specialty papers for labels and flexible packaging, coated and uncoated paper for publishing and commercial printing, along with other high value-added print media. An extensive sales network and a wide range of diverse, innovative and environmentally responsible products make LECTA a premier supplier of paper solutions worldwide.
With a manufacturing capacity of close to two million tons, Lecta currently has 7 state-of-the-art mills in Spain, France and Italy that are certified to the strictest environmental, energy, quality, and occupational health and safety management standards.
Amsterdam/Barcelona, February 4th, 2020