New facility provides further support for Simply Asset Finance expansion
LGB Corporate Finance is pleased to announce that it has arranged a £20m Medium Term Note (MTN) programme for Simply Asset Finance, a leading private equity backed specialist asset finance provider. The facility will enable Simply Asset Finance to expand its lending capabilities.
Simply Asset Finance is a specialist UK asset finance provider. It offers finance products as a secured lender to SMEs to fund the purchase of business-critical equipment and to free up working capital. It is a portfolio company of Cabot Square Capital, a leading private equity investor in UK specialist lending businesses.
Established in April 2017, Simply Asset Finance is led by an experienced team of asset finance specialists who saw a need for greater innovation and disruption in the sector. Many of the company’s regional sales team have a background in the industries they are now lending to and therefore understand the day – to – day challenges that businesses face.
Simply Asset Finance employs over 95 people and has more than 2,500 customers. The company has a panel of supportive funders including the British Business Bank, Citibank, Aldermore Bank and Hitachi Capital Business Finance. The strength of these funding relationships and the company’s experienced origination and underwriting capabilities has enabled Simply Asset Finance to put its customers at the core of everything the it does, providing them with stability, reassurance and a long-term relationship that will help their businesses grow.
MTN programmes are traditionally used by large corporates and blue-chip companies. LGB Corporate Finance makes them available to growth companies seeking diversification of lending sources and flexibility of funding. The programmes are designed for the issuance of debt for the provision of working capital, long term investment or growth capital.
LGB completed the establishment of the Simply MTN programme and a first issue of notes of £4m under it in March 2020. The programme will provide additional capital to support the growth of the group’s lending activities.
Angus Grierson, managing director LGB Corporate Finance, said: “We are very pleased to have been able to establish this programme for Simply Asset Finance, which is a key player in supporting British business at this critical time.”
Stefan Wolvaardt, chief financial officer of Simply Asset Finance, commented: “The LGB & Co. team provided a responsive, quick and knowledgeable service. Coupled with a deep and broad investor base, this allowed us to complete our inaugural transaction on time and budget. I very much look forward to working with them in the future.”
