Foam, sheet and compounds manufacturer Vita Group (Luxembourg; www.thevitagroup.com) has agreed a long-term financing deal that, according to CEO Joe Menendez, gives it “one of the strongest balance sheets in the polymer industry.” The deal is a debt for equity swap involving an injection of funds from its existing backer, global investment firm TPG (Fort Worth, Texas / US; www.tpg.com), and other existing lenders. It will cut Vita’s borrowings to EUR 100m and provide EUR 95m of new money to increase the group’s working capital. The complex financial process has been sanctioned by the UK’s High Court and will provide Vita with “sufficient financial resources to work through the current environment.”

The British Vita Group was bought by private equity company Texas Pacific Group in 2005 for GBP 668m.