Arbuthnot Commercial ABL supports Longacre Group’s acquisition
Arbuthnot Commercial Asset Based Lending (“ABL”) has supported Longacre Group’s acquisition of Allenwest Limited (“Allenwest”), a designer and manufacturer of explosion-proof and rugged electrical power supply equipment, in a corporate carve-out from Ampcontrol Group Limited. The flexible £3m facility comprised an invoice discounting line and a CBILS term-loan.
Allenwest is headquartered in Prestwick and began life in 1918 servicing the Scottish mining industry. Today the company supports the mining, renewable energy, tunnelling and industrial markets with a range of switchgear, transformers, power centres and other explosion protected or intrinsically safe electrical items.
Elliott Nicholson, managing director at Longacre Group said: This is the fourth deal we have conducted with Arbuthnot Commercial ABL and, once again, we were delighted with the outcome. They were proactive and supportive in their approach to this acquisition and have been excellent at delivering their promises throughout the process, completing the transaction to meet the timescales of all parties involved.
This transaction will give Allenwest the freedom to embark on a new chapter of material growth as a stand-alone business and brand with an outstanding legacy. The business will achieve this by refocusing on its core markets and broadening its customer base, diversifying into further profitable new areas. Allenwest has an extensive history built over 100 years of engineering excellence and holds a market-leading position in a range of end markets. We are excited to work with the Allenwest management team and with Arbuthnot Commercial ABL as the businesses enters a new era.”
Andrew Rutherford, commercial director at Arbuthnot Commercial ABL, said: “Allenwest is an excellent example of an innovative and growing Scottish-based company that offers the specialist products and services to meet the exacting needs of demanding environments. It was excellent to work with Longacre Group and the team at Allenwest to make this transaction happen. This is now the third corporate carve-out that we have completed for a niche manufacturing business and as always, this requires a close understanding of the perspectives of diverse stakeholder groups and an unrelenting focus on deal execution to ensure speed and certainty.”
