ThinCats provides debt funding to support Connection Capital’s acquisition
ThinCats, the leading alternative lender to mid-sized SMEs, has provided a significant debt funding package to support alternative investments specialists Connection Capital, with the acquisition of Silverfish UK Ltd, a fast-growing, differentiated supplier of premium mountain bikes.
Established in 1999, with a select handful of progressive Canadian bike brands, Silverfish has created a unique space in the distribution market focusing on premium mountain bike and crossover brands and offering a unique brand partnership experience. Currently operating across the UK, Ireland and a number of European territories, the brand portfolio includes iconic and innovative names such as Yeti Cycles, FOX, Michelin, Race Face, SDG, Knog, Marzocchi, CushCore, Peaty’s, Ride Concepts, 100%, Easton, Birzman and Skratch Labs.
Connection Capital is a Financial Conduct Authority authorised and regulated, specialist syndicator of investment funds from private professional investors into direct private equity, private debt and commercial property deals, as well as alternative asset funds. It currently has some £370m of funds under management across a diverse portfolio.
The debt funding helped to facilitate the acquisition and will support the business’s growth plans. The deal marks ThinCats continued support for South West based businesses with Richard Bowles recently joining to head up the development team in the region.
Quantuma performed financial due diligence and Gateley provided legal due diligence for Connection Capital with CiL providing commercial due diligence. Harrison Clarke Rickerby’s supported ThinCats with legals on the transaction. James Osbiston led the deal team at ThinCats.
Business founder, Darren Mabbott commented: “This investment marks an exciting new chapter for the business and one which I think will open up numerous opportunities for our brand partners, retail customers and the talented team at Silverfish. We are proud of what Silverfish has become, this investment and our partnerships with Connection and ThinCats means we are well placed to accelerate growth through continuing to add to our range of premium brands, products and territories.”
Michael Coupland, investment director at Connection Capital commented: “We are very excited to support Silverfish in its next phase of growth and work alongside the leadership team in executing its vision for the Company. With its’ unique offering and deep-rooted history in the mountain bike market, it is in an excellent position to continue attracting new premium brands to the platform. We have enjoyed working with ThinCats and the fact that a funding package was agreed expeditiously and processed in a timely manner is testament to the ability and professionalism of the Thincats team.”
Dave Sherrington, regional head of sales & private equity at ThinCats, said: “We are keen to support ambitious businesses like Silverfish. The knowledge and experience within the management team led by Darren and Matthew together with the support of Connection who have an excellent track record, I am sure will see Silverfish continue to lead the sector in terms of service delivery, products and innovation.”