White Oak's $55M Deal Fuels Unicat's Global Catalyst Technology Growth

NEW YORK, NY – February 26, 2026 – In a significant move highlighting the growing sophistication of cross-border finance, White Oak Commercial Finance and its UK affiliate have provided a $35 million asset-based lending (ABL) facility to Unicat Catalyst Technologies, a leading global supplier of catalyst products. The deal, which includes a $20 million accordion feature that could bring the total financing to $55 million, is structured to support Unicat's operations across the United States and the United Kingdom in multiple currencies.

The transaction showcases a rising trend where specialized non-bank lenders are stepping in to provide flexible, multi-jurisdictional capital solutions that traditional banking often struggles to deliver. For Unicat, a company with headquarters in Texas and executive offices in the UK, the multi-currency facility denominated in US dollars, British pounds, and euros provides the tailored working capital needed to execute an ambitious global growth strategy.

"We are pleased to work with WOCF and WOUK, who have provided us with flexible working capital and term loan facilities that are more efficient than our previous arrangements and give us scope to grow in line with our strategy," said Mark Stuckey, CEO of Unicat, in a statement.

A Catalyst for Global Expansion

The financing arrives at a critical time for Unicat and the broader heterogeneous catalyst industry. The global market for these essential industrial components, valued at nearly $25 billion in 2023, is projected to expand at a compound annual growth rate of approximately 4.8% over the next decade. This growth is fueled by robust demand from the petrochemical, refining, and chemical synthesis sectors, as well as increasingly stringent environmental regulations worldwide that mandate cleaner production processes.

Unicat is strategically positioned within this expanding market. The company develops and supplies innovative catalysts, absorbents, and filtration systems used in a wide array of industries, from oil and gas refining to the burgeoning renewable energy, hydrogen, and ammonia markets. With over 100 proprietary products, including its Queen's Award-winning Magcat® catalyst, Unicat has carved out a reputation for enhancing both the financial and environmental performance of its clients' operations.

This new capital injection is expected to directly fuel the company's innovation pipeline and strengthen its global supply chain, which includes manufacturing and production centers in the US, UK, Vietnam, and China. Access to flexible, multi-currency working capital allows Unicat to manage its international inventory more effectively and respond rapidly to customer needs across different economic zones.

The Architecture of a Modern Financing Deal

The structure of the White Oak facility is a testament to the evolution of asset-based lending. Unlike traditional loans that rely heavily on historical cash flow and rigid covenants, ABL facilities are secured by a company's working capital assets, such as accounts receivable and inventory. This creates a dynamic borrowing base that can expand or contract with the company's business cycle, offering a high degree of flexibility.

For a multi-jurisdictional company like Unicat, the "efficiency" noted by its CEO stems from this tailored structure. By consolidating its financing under a single, integrated cross-border facility, Unicat can streamline its financial administration, reducing the complexity and cost of managing multiple credit lines across different countries. Furthermore, the ability to leverage a global pool of assets unlocks more liquidity than would be possible with fragmented, country-specific arrangements.

Kevin Maitland, Managing Director of Underwriting at White Oak Commercial Finance, highlighted the strategic advantage of this approach. "Our ability to structure and deploy capital across jurisdictions — funding deeper into various asset classes in both the U.S. and the UK — enabled us to deliver a fully integrated solution tailored to Unicat’s needs," he explained. Maitland noted that this capability provides "certainty of execution" for complex international businesses. The inclusion of the $20 million accordion feature also provides Unicat with pre-approved capacity to access more capital as it scales, eliminating the need to renegotiate financing terms in the midst of its growth trajectory.

Navigating Currencies and Borders

A key feature of the deal is its multi-currency design. By providing funds in US dollars, British pounds, and euros, the facility directly addresses one of the most significant challenges for international businesses: foreign exchange (FX) risk. Companies operating across borders are constantly exposed to currency fluctuations, which can erode profits and complicate financial planning.

The White Oak facility allows Unicat to create a natural hedge by borrowing and repaying in the same currencies in which it generates revenue and incurs expenses. For example, its UK operations can draw down funds in pounds to pay local suppliers, while sales to European customers can be financed in euros. This minimizes the need for costly currency conversion and complex hedging instruments, leading to more predictable cash flows and a more stable financial footing.

This specialized capability is where non-bank lenders like White Oak are increasingly differentiating themselves. Structuring and managing a multi-currency, cross-border ABL facility requires deep expertise in varying international legal frameworks, collateral perfection laws, and treasury management. It is a niche that many larger, more bureaucratic institutions are less equipped or willing to fill.

White Oak's Strategic Play in a Niche Market

This transaction is more than a one-off deal; it is a clear indicator of White Oak's strategic focus on dominating the cross-border ABL space. The firm has been deliberately building its capacity to serve mid-market companies with international footprints, a segment often underserved by traditional finance.

The firm’s commitment is further evidenced by its strategic personnel decisions. Jeremy Harrison, who joined White Oak UK in late 2025 as Managing Director of ABL, was hired specifically to help scale the firm's ABL business. "Unicat is a strong example of our ability to structure cross-border facilities for multi-jurisdictional companies," Harrison stated. "This transaction highlights our continued commitment to the cross-border space as a leading non-bank ABL provider."

By successfully executing complex deals like the one for Unicat, White Oak not only provides essential growth capital to its clients but also solidifies its own market position. It demonstrates a proven formula for unlocking value in global supply chains and providing the financial architecture necessary for mid-market companies to compete on an international stage. This focus on specialized, high-value financing solutions continues to distinguish leading non-bank lenders in an increasingly competitive financial landscape.