Investec has provided a 27.5 million pounds ($43.1 million) debt structure for Gresham-backed MBO of IESA. The UK-based company is manages maintenance, repair and operating goods expenditure, through integrated supply solutions.
Investec provides £27.5m debt structure for Gresham-backed MBO of IESA
Investec Growth & Acquisition Finance today announces that it has provided a blended 27.5 million pounds ($43.1 million) asset-based and cashflow debt structure as part of the recent MBO of Integrated Engineering Stores Associates (“IESA”). The MBO was backed by Gresham LLP.
IESA is the UK market leader in the management of maintenance, repair and operating (“MRO”) goods expenditure, through integrated supply solutions.
The business was established in 2001 and has developed a unique IT platform that manages clients’ supply chains to reduce inventory costs, streamline procurement and order processes, introduce advanced stock control and invoice management techniques and establish online solutions. IESA’s client list includes multinational organisations such as 2 Sisters Group, AstraZeneca, Jaguar Land Rover and Premier Foods. The Business currently manages MRO for clients at 276 production sites in the UK and Ireland.
James Cullen from Investec Growth & Acquisition Finance, commented: “We’re delighted to be backing this team in a business which continues to grow and lead the development of its market. We think IESA’s opportunity to grow together with the backing from Gresham, with their long track record of step-changing businesses to a higher level, provides a really compelling combination.”
He added: “Our ability to provide debt structures that include both revolving facilities and term/cashflow loans has proved to be attractive to management teams and private equity partners and, by design, has many advantages compared to traditional senior debt or monoline ABL providers, especially so when supporting growth businesses. We have a consistent track record of delivery and portfolio support and have ambitious plans to significantly grow our portfolio working with quality management teams and sponsor partners.”
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For further information please contact:
Investec Specialist Bank 020 7597 4787
Citigate Dewe Rogerson 020 7638 9571
NOTES TO EDITORS:
Investec Growth & Acquisition Finance
Investec Growth & Acquisition Finance is a division of Investec Specialist Bank. It works with entrepreneurs, management teams and private equity houses to provide finance to UK mid-market companies. Their flexible solutions cover the entire capital structure offering asset based and cash flow senior lending, mezzanine finance and minority equity on either a standalone or integrated basis. They are a single, empowered and responsive team focussed on making deals happen and building strong relationships with clients.
Investec Specialist Bank
Investec is a specialist bank that provides a diverse range of financial products and services to a niche client base in three principal markets: the United Kingdom, South Africa and Australia, as well as certain other countries.
Investec Specialist Bank is a brand name of Investec Bank plc, which is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange.
This press release is issued on behalf of Investec Bank plc. Registered address: 2 Gresham Street, London, EC2V 7QP. (Reg No. 489604)