£5m ABL facility from Close Brothers supports business acquisition
Industry: Manufacturing and distribution
Business need: Company acquisition
Elements of the deal: Invoice discounting, plant and machinery and stock
An investment firm, who specialise in purchasing UK manufacturing companies, required funding to acquire a new business.
Due to a flexible approach and innovative track record of structuring deals, Close Brothers was engaged to provide the necessary level of funds to facilitate the acquisition.
As a result, a £5m ABL arrangement was structured consisting of invoice discounting in addition to funding against plant and machinery and specialist stock. The business took advantage of Close Brothers swift decision making processes allowing short timeframes to be met and in turn, completion of the acquisition.