Ardent Hire Solutions agrees £120m refinance deal
Leading heavy plant hire specialist Ardent Hire Solutions has secured a £120m asset-based lending facility to support its growing working capital needs during a period of accelerated growth. The deal was facilitated by HSBC in partnership with ABN AMRO.
The £120m deal sees HSBC and ABN AMRO each provide £60m of funding in the form of an asset-based lending facility which provides funding against Ardent’s receivables, plant and machinery assets. The deal provides Ardent with flexible access to working capital to support the business’s growth, which will include the purchase of further machinery and maintenance of its existing high quality fleet.
With headquarters in Enfield and Middlesex, Ardent provides telehandlers, excavators, dumpers and rollers, to residential building and civil engineering businesses across the country. Ardent has a nationwide footprint through 14 UK depots, including locations in Glasgow, Leeds and London.
Nigel Smith, head of large corporates, HSBC Global Trade and Receivables Finance UK, added:
“I am delighted we have been able to support Ardent Hire with this significant new funding package, which will support both their ongoing growth and their planned investment in the business. This substantial asset-based lending facility is a mark of HSBC’s appetite and ability to lead the implementation of structured finance arrangements tailored to client needs, and has been a magnificent team effort between our asset-based lending specialists and leveraged corporates team. Working with ABN AMRO, we have collectively delivered a solution that will not only provide the working capital that meets Ardent’s current needs, but which will also provide them with the foundation for future growth.”
Julian O’Neill, CFO at Ardent Hire Solutions said:
“Ardent is excited to work with HSBC and ABN AMRO to help the business grow further. We believe that the new facility will give Ardent the financial capacity it needs to fuel our high levels of customer demand and market growth.”
Pierre Vinci, head of origination at ABN AMRO Asset-Based Finance said:
“We are pleased to have worked in partnership with HSBC and provided Ardent Hire with a flexible funding solution. It will help support the company’s accelerated growth, enabling them to achieve their business ambitions.”
Ardent Hire Solutions was formed in 2015 through the acquisition by Searchlight Capital Partners, L.P. and Duke Street of One Call Hire Limited and Fork Rent Plc. Ardent has the largest telehandler fleet in the UK, and one of the largest excavator fleets, with over 5,000 machines available for hire.