ThinCats provides growth platform with £5.25m funding
ThinCats, the leading alternative lender to mid-sized SMEs has provided a £5.25m funding facility for Maritime Developments Limited (MDL), the Peterhead based provider of offshore mission critical ‘back of boat’ systems and services to the global energy sector. The funding will be used to refinance existing loans and create additional working capital to support MDL in its long-term development plans.
Founded in the 1990’s by current CEO Derek Smith providing engineering services to the North Sea fishing industry, the business has grown into designing, manufacturing and renting a full suite of lifting and handling equipment and providing tailored consultancy, equipment and personnel services for global offshore oil and gas and wind farm operators.
The funding represents the largest deal to date for ThinCats in Scotland. Key to delivery of the transaction was the deep level of understanding Thincats was able to demonstrate, not only in structuring a bespoke financing package, but also in the specialist nature of the MDL business and the offshore energy sector.
The ThinCats team was led by Kenny Hughes, business development director, Scotland and Robert Thompson, regional head of credit, North of England & Scotland. Pinsent Masons provided legal advice to ThinCats.
Derek Smith, CEO, Maritime Developments: “Since we launched more than 20 years ago, we have had to be quick to adapt to the ups and downs of both our fishing and energy clients. We see exciting opportunities in the subsea sector with our renewable and traditional energy customers, however, our existing finance facilities were too rigid for our growth plans.
Once we had spoken to Kenny and Rob from ThinCats, they quickly came back with a simple flexible solution that included additional working capital. The new funding means we can be very nimble in offering our clients unique blends of purchase and rental equipment to meet their purchasing and scheduling requirements.
Kenny Hughes, business development director for Scotland, ThinCats: “The global oil and gas sector has had a tough time over the last few years, so it’s great to be able to support businesses like MDL who have continued to thrive through their ongoing investment in people and technology. ThinCats prides itself on the flexibility of our funding solutions and the structure created for MDL was no exception.
I am delighted that our largest funding deal in Scotland to date is to support Derek and the MDL team and wish them every success with their ambitious plans for the future.”