Arbuthnot Commercial ABL has provided a £12m asset-based lending facility to support Sullivan Street with the acquisition of ISS Facilities Services.
Following the successful acquisition, the new business will be called Tivoli Group Limited.
The facility has provided funding towards the purchase consideration in addition to ongoing working capital to accelerate growth.
The funding facility comprises both a plant and machinery term loan and a revolving confidential invoice discounting line.
This deal comes just two weeks after Arbuthnot Commercial ABL provided OSET Bikes with a working capital facility to power its rapid business growth.
Tim Hawkins, managing director at Arbuthnot Commercial ABL (pictured above), said that its ability to understand the business objectives and the asset – as well as its speed and certainty of execution – was integral to this transaction.
“Asset-based lending has come to the fore in this transaction as it offered the ideal vehicle to create the substantial funding needed to enable the acquisition, and to provide the headroom necessary to fuel business growth.
“We’re passionate about establishing long-term partnerships and we wish Sullivan Street and the management team of Tivoli Group every success for their future growth.”
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