Leumi ABL supports business turnaround plan for leading UK IT supplier
Leumi ABL has completed the financing of Misco UK Limited, one of the UK’s leading suppliers of IT hardware, software and solutions to businesses and public sector organisations.
The MBI of Misco from US listed business, Systemax, supports a turnaround plan led by Hilco Capital. The deal focuses on the non-core part of Systemax that included its European operations in Italy, Sweden, Spain, Portugal and Hungary.
Hilco Capital are highly rated in the turnaround and restructuring industry and under Hilco’s ownership and a new management team, Misco will go through a transformation exercise to return the business to profitability.
Leumi ABL provided a £15m UK CID facility with the option to include further European facilities in the future.
Chris Emmott, investment director at Hilco, said:
“Leumi quickly gained an understanding of the transformation plan for the business and worked with us to deliver a working capital facility that allowed for a smooth transition under Hilco’s ownership.”
Robert Wakeford, regional sales director at Leumi ABL said:
“This was an excellent deal to be involved with, working with one of the most highly regarded turnaround houses. With the long term plan to support the whole of the European group’s finance requirements we were able to deliver a bespoke finance solution in a tight timeframe.”