Cattaneo Corporate Finance arranges debt facilities for the acquisition of Phoenix Gas.
Private equity firm GIL Investments has secured debt facilities to support its acquisition of Phoenix Gas and its subsidiary, Phoenix Renewable Technologies.
Based in Stoke-on-Trent, Phoenix Gas which was founded in 1994 and now employs 160 staff, specialises in gas installations, servicing and repairs for domestic and commercial clients across the Midlands and North of England. In recent years the company, led by MD Kyle Grocott, has expanded its offering to include a renewable energy service which comprises solar PV and thermal, ground and air source heat pumps, battery storage and EV charging points, as well as electrical services.
GIL Investments has been investing its own funds in UK companies since 1991, acquiring controlling stakes and supporting the long term growth of its investee businesses.
The Cattaneo team, led by Richard Newman, provided debt advisory services to GIL Investments, securing acquisition funding from IGF (represented by Paul Edmeades), with facilities structured to include asset-based lending and cash flow loan facilities. George Green (Kate Hackett) and BSN (Pippa Miller-Hawkes) acted as legal and due diligence advisers to GIL Investments respectively while Shoosmiths (Natalie Barnes) provided legal advice to IGF.
Les Litwinowicz of GIL Investments, commented:
“We are delighted to be supporting Phoenix Gas through the next phase of its growth, capitalising on core market growth in line with the new UK Government housing targets and expanding into new sectors such as renewables.
“We appreciated Cattaneo’s experience and technical expertise in introducing appropriate lenders and managing a competitive process to structure the right facilities for the transaction and future working capital.”
Richard Newman of Cattaneo Corporate Finance added:
“We are delighted to have advised on the funding by IGF. We maintain close relationships with funders and observe the evolution of funding solutions as well as the specific appetite of individual lenders, enabling us to react quickly and introduce suitable funders to support transactions. There was strong appetite from funders but IGF proved to be the most appropriate partner.”
Paul Edmeades of IGF commented:
“We were extremely grateful for the introduction from Cattaneo and are delighted to be working with GIL on another of their portfolio investments. Our combination of asset based lending and cash flow facilities not only supported the transaction but will provide on-going working capital for a really successful business.”
