Bank of America Business Capital provides £115m senior secured asset-based loan to Hewden Stuart Ltd
Bank of America Business Capital announced it has provided a £115m credit senior secured facility to Hewden Stuart Ltd. The proceeds will be used to refinance existing indebtedness, support working capital and capital expenditure needs.
Based in Manchester, Hewden Stuart is owned by an affiliate of Sun European Partners, LLP and is one of the United Kingdom’s largest plant and equipment hirers. Hewden Stuart operates through a nationwide depot network and employs more than 900 staff.
David Culpan, head of European capital markets, Sun European Partners, LLP, said: “The goal was to find a long term flexible financing facility to allow for anticipated growth. We were impressed with Bank of America Merrill Lynch’s approach, early commitment to the transaction and the simplicity and flexibility of the new financing structure was very attractive.”
Jeremy Harrison, senior business development officer at Bank of America Business Capital regional group in London, said: “Our ABL facility gives Hewden Stuart capacity to grow and liquidity to acquire new equipment in their expanding market. We are pleased to provide Hewden Stuart with this solution and look forward to supporting the company’s continued growth.”
Hewden operates through a network of nationwide depots offering plant, access, cranes, accommodation and power generation for hire across England, Scotland and Wales, to the construction, civil engineering and industrial maintenance markets. The Hewden Core Fleet offers customers a guaranteed next day delivery service on the 30 most hired plant and access products. Hewden Industrial has a rich trading tradition built over 40 years with petrochemical plant owners and UK manufacturing.
Sun European Partners, LLP is a leading private equity advisory firm, focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. The firm is a trusted partner that is recognized for its deep investment and operational experience, including particular expertise in the consumer products and services, food and beverage, industrial, packaging, chemical, building products, automotive, restaurant and retail sectors. Since 1995, affiliates of Sun European Partners, LLP have invested in more than 315 companies worldwide across a broad range of industries and transaction structures. Sun European has an office in London and affiliates in Frankfurt, Paris, Boca Raton, Los Angeles, New York and Shenzhen.
Bank of America Business Capital
Bank of America Business Capital is one of the world’s largest asset-based lenders, with more than 10 primary offices serving the United States, Canada and Europe. It provides corporate borrowers with senior secured loans of $10m or more, cash management, interest rate and foreign exchange risk management, and a broad array of capital markets products.