THE DEAL:
£7 million growth funding package secured from Close Brothers through a competitive process organised by Cattaneo LLP. Ash & Lacy, a £23 million turnover manufacturer and distributor of metal external building envelope systems, was seeking a funding partner to support its rapid expansion and move into new product areas following a period of investment in manufacturing capability that had included bringing previously sub-contracted processes in-house. The result of the process was Close Brothers Invoice Finance provided a full asset-based lending solution that refinanced existing acquisition debt while providing additional funding to support the business’s continued capital investment programme and enhanced working capital facilities.
OUR ROLE:
Having structured a full ABL finance package to support the acquisition of Ash & Lacy in 2011 Cattaneo LLP were able to use a detailed knowledge of the business and its financial structure to run an effective refinancing process with a shortlist of 3 potential funders competing which both saved our client money and provided enhanced levels of funding to support the business in its continuing strong growth trajectory.
WHAT OUR CLIENT SAID:
‘Cattaneo’s knowledge of our business and objectives, as well as their practical and efficient approach, meant that we did not hesitate to seek their advice on sourcing a new funding package that would meet the needs of our business.’
Jonathan Evans, Chief Executive, Ash & Lacy
