CHANDLER, AZ – Isola Group has completed an agreement to transfer its equity ownership to an investment group led by Cerberus Capital Management and its affiliates.
The transaction improves Isola's capital structure and secures additional liquidity to enhance the company's long-term financial position.
Cerberus and the other new equity owners are providing a new revolving credit facility and have agreed to amend and extend the existing secured loan facility to 2022.
In addition, the cash interest expense associated with the secured facility has been reduced to 1%, and the total debt on Isola's balance sheet has been reduced.
"We are very excited to be working with the new ownership group led by Cerberus," said Jeff Waters, President and CEO of Isola. "We have been transforming the company over the past two years, with new products now entering the market to fuel our growth."