THE DEAL:
The acquisition of Phoenix Gas by GIL Investments funded by new facilities provided by IGF. GIL Investments is a UK-headquartered private investment firm formed in 1991 which acquires controlling stakes in businesses and aims to support their growth over the long term. Phoenix Gas specialises in gas installations, servicing and repairs for domestic and commercial clients across the Midlands and North of England. The acquisition facility was structured as a flexible asset-based lending solution comprising property and debtor finance, as well as a cash flow loan. The funding package not only facilitated the acquisition but equips Phoenix with the financial agility needed to drive renewable energy innovation, expand market presence and capitalise on new growth opportunities.
OUR ROLE:
We were engaged on a debt advisory mandate to source, negotiate and deliver funding for the transaction. Our understanding of the debt market and the specific funding options and structures available allowed us to undertake a targeted approach to lenders to accelerate the process that needed to be efficient given tight timescales. Our involvement in the deal encompassed reviewing financial forecasts, exploring funding structures, assessing offers, leading negotiations on terms, agreeing covenants and completing pre-lend deliverables. With a number of funders having appetite to support the transaction, the process was competitive but IGF had experience both in the sector and with GIL and were quick to obtain credit approval on agreed terms.
WHAT OUR CLIENT SAID:
‘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.’
Les Litwinowicz, Director, GIL Investments
