24 December 2012 | News | By BioSpectrum Bureau
Marken completes financial restructuring
Marken completes financial restructuring of its business to create platform for further growth
Singapore: Marken, global provider of specialist logistics to the pharmaceutical industry, completed financial restructuring of its business, creating a sound platform for further growth and development.
As a result of the restructuring, some of the existing stakeholders have become 100 percent shareholders of Marken's new Group holding company. The business will benefit from improved terms on its existing debt facilities, which will facilitate further growth.
Marken is looking forward to continuing with its current strategy to expand its range of services and geographic footprint which are both enabled by the completion of its global depot network. The new shareholders are all fully supportive of the strategic plan put in place by the Group's management team.
Mr Wes Wheeler, CEO, Marken, said that, "We are delighted to have reached this agreement, which means that Marken can capitalize on its excellent position in a niche marketplace which will allow us to grow in step with our client's needs. We have a clear plan for the future which will deliver significant growth for this business, both organically and through new investment."
"With this new agreement, we now have the right capital structure to be able to deliver that plan. We appreciate the support of our lenders, all of whom are committed to supporting the continuing development of the business. I would like to thank all our customers and suppliers for their continued support throughout this process," he added.