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Leumi ABL Client Case study - Hider Food Imports

January - 2017
Hider Food Imports Leumi ABL completes £5.75m financing deal with Hider Food Imports Leumi ABL has supported one of the UK’s leading distributors of nuts and dried fruits, Hider Food Imports, with a multi-facility Asset Based Lending package.

Hider Food Imports is the leading distributor of fine foods to the independent retail sector and has recently won two industry awards, including being voted number one by retailers in their sector-leading magazine for the fifth year.

The family-owned business has operated from its HQ in Hull since 1965 and continuing growth plans prompted the business to seek a new flexible Asset Based Lender who could support their working capital requirements in the short, medium and long-term. Leumi ABL provided a facility comprising of £5.75m invoice discounting, plant and machinery finance and a stock finance facility.

Duncan Hider, Managing Director at Hider Food Imports, commented: “After looking at various traditional funding partners and new lenders on the market, we were enthused by a more old style banking approach to lending. We use the term ‘old style’ in a positive way: not decision makers hiding behind relationship directors, but human beings with whom we could meet and who followed through on their verbal commitments.

“Receiving good recommendations from our trusted network about Leumi’s ability to deliver the finance required was very important to us. Throughout the process my fellow director and I received regular progress updates, whether it be positive or negative. Communication from Leumi ABL was strong, with face-to-face conversations backed up by phone and email. When we encountered challenges, solutions were explored quickly, and the information requested from us was standard information that was easily put together.

“Everyone we dealt with at Leumi ABL seemed to be aware of our requirements and helped to make the process as straightforward as possible. Yes, there were hiccups, and yes, things took longer than planned, but each barrier and delay was communicated well, and solutions worked on from both sides. There seemed to be a real team spirit within Leumi ABL and this gave us reassurance. We got the sense that decisions were made more quickly without long chains of management and approvals, taking into consideration discussions as well as numbers to really understand the business.

“In terms of fees, we had sensible discussions; Leumi ABL didn’t simply tell us what the cost was, they talked us through the proposals and listened and responded to our concerns. Their approach to us always came across positively, and very quickly we felt at ease to discuss issues openly. They viewed our business, our assets and then worked on a facility that fitted our requirements, without onerous covenants with a straightforward open approach, letting us concentrate on running the business.”

John Walsh, Leumi ABL Regional Sales Director in the North East & Yorkshire, comments: “We had a clear mandate on what was required and with the help of Hider’s professional team, we were able to structure the facility and demonstrate our refreshing approach, flexibility and timely response yet again enabling us to be the favoured funding partner.”

Leumi ABL Client Case study - Red Commerce

September - 2016
Red Commerce Leumi ABL completes £25m cross border ABL facility to support growing international recruitment business. Leumi ABL has completed a £25m facility for Red Commerce, a private equity owned international recruitment business.

With its global headquarters in London, Red Commerce operates from eight offices in the UK, Germany, Switzerland, US and Brazil, supplying SAP consultants globally to meet the requirements of businesses seeking full-time staff or contingent staff.

Staff operating the specialist IT software system, SAP, are highly skilled and command high rates of pay, with an average of £500 per day being paid to them. This creates a large working capital requirement.

When Red Commerce’s high street bank failed to have the appetite to support its growth plans outside of the UK, Leumi ABL was able to step in and set up facilities in the UK, US, Germany and Switzerland. The package comprises of invoice discounting and an additional unbilled finance facility.

Red Commerce is majority owned by Dunedin, a mid-market private equity firm, which is currently investing in businesses from its £300m fund. Dunedin purchased Red in 2010 with Red commanding an enterprise value of £44m. Dunedin and the management team have a high growth strategy for the next three years: £90m turnover is forecast to grow to £189m in 2019.

Red Commerce is one of an increasing number of Leumi ABL deals supporting Private Equity. Leumi ABL has a specialist understanding of the PE market having completed many successful PE deals in recent years.

Rob Wakeford, Leumi ABL Regional Sales Director in London, comments: “We had a clear mandate on what was required. With the help of Red’s highly professional team we were able to structure the facility as it was initially envisioned and look forward to supporting Red Commerce’s international growth plans.”

Leumi ABL Client Case study - Liberty House Group

June - 2016
Liberty House Group Leumi ABL supports Liberty House Group with growth capital for its engineering businesses. As the UK steel industry continues to generate headlines, Leumi ABL is delighted to have supported Liberty House Group with a £20m Asset Based Lending facility comprising of Invoice Discounting and Stock Finance.

The facility will be utilised by Liberty Tubular Solutions and Liberty Distribution to deliver their ambitious growth plans that are already gathering pace. As part of Liberty Industries Group, the Liberty Tubular Solutions and Liberty Distribution Divisions are leading UK manufacturers, distributors and suppliers of steel tubing and specialist tubular components to the automotive and aerospace industries. The businesses are part of Liberty House Group, part of an international privately owned business specialising in metals trading and the manufacture and distribution of steel and advanced engineering products which employs c.3,000 people globally and has a current turnover of approximately $7 billion.

Sanjeev Gupta, Executive Chairman at Liberty House Group, commented: “Leumi ABL are an excellent choice of partner to fund our growth plans for this recent strategic acquisition for the group. They were able to work quickly and closely with us to deliver a flexible funding package that will support the growth of our new division. Liberty had access to key senior personnel at Leumi throughout the process which meant the financing was concluded in good time and in line with expectations, allowing us to move forward with our exciting plans for the business.”

Rob Wakeford, Regional Sales Director at Leumi ABL, added: “We are delighted to support Liberty House Group at a time when the state of the UK steel industry is very much in the spotlight. The combination of Leumi’s flexible and personal approach together with a credit decision made quickly meant that Liberty could move forward with the certainty of funding being in place. We very much look forward to working with the team at Liberty.”

Leumi ABL Client Case study - Kindertons Group

June - 2016
Kindertons Group Leumi ABL completes £18m Kindertons deal. Leumi ABL has provided a £18m structured Invoice Discounting facility to support the refinancing of Private Equity owned insurance services business, Kindertons Group.

The refinancing provides flexible funding to support Kindertons’ growth plans, both organically and through a targeted buy and build strategy.

Crewe-based Kindertons provides credit hire and accident management services to its customers, working with its partner insurers, insurance brokers and garage referrers. The Group also includes market leading motorcycle credit hire operator, Plantec and taxi credit hire operator, Sovereign Automotive. Kindertons is focused on providing exceptional customer service which is recognised by its referrers and customers.

Sovereign Capital, the UK Buy & Build Specialist, invested in Kindertons in 2013. Since then, the Group’s revenues have grown significantly, to in excess of £90m in 2015. The Group generates over 35,000 vehicle hires per annum from its nationwide fleet of approximately 4,000 vehicles delivered from 14 depots.

Nigel Ward, Group Finance Director of Kindertons, said: “We are delighted to have secured this funding from Leumi ABL to support our growth. Leumi have taken the time to understand the intricacies of our business and market and structured a facility to meet our requirements. We have already developed a close relationship with Leumi, successfully completed a further acquisition and look forward to their continued support.”

Rob King, Investment Director at Sovereign Capital, said: “We approached Leumi due to their pragmatic style and ability to structure business-appropriate financing packages. Leumi has delivered a funding solution which provides significant flexibility to support the business’s substantial growth.”

Martin Risman, Leumi ABL Regional Sales Director, commented: “It has been a complex process and transaction during which we appreciated working with excellent teams at both Kindertons and Sovereign Capital. The structure of our facilities, aligned to the sponsor support, provides a solid funding base from which Kindertons can expand and further prosper.”

Leumi ABL was introduced to the transaction by Litmus Advisory.

Legal advice to Leumi ABL was provided by Gateley plc and Pinsent Masons acted for Kindertons.

Leumi ABL Client Case study - Pasta Foods Ltd

March - 2016
Pasta Foods Ltd Leumi ABL completes £8.5m Hoops and Shapes deal. Leumi ABL has supported Pasta Foods Ltd, a £28m turnover pasta and snacks manufacturing business, with a full asset based lending facility of £8.5m, comprising of Debtors, Stock, P & M and Term Loan facilities.

Pasta Foods recently invested heavily in a brand new, industry leading manufacturing facility in Norwich to serve its global customer base in every continent. Leumi ABL provided facilities to replace the existing clearing bank with headroom for growth. Customers include many of the leading pasta processing companies, including one very well-known brand name which uses character pasta shapes supplied by Pasta Foods.

Leumi ABL were delighted to partner with the existing investor shareholders and to back their future plans. Jason Holland, Regional Sales Director at Leumi ABL in the Midlands said: “This was a competitive tendering process where our refreshing approach, flexibility and timely response yet again enabled us to be the favoured partner. My thanks go to Peter Seary at Roythorne’s who initially put me in contact with the Company.”

Simon Webber, Director and shareholder at Pasta Foods, added: “We wanted to work with Leumi ABL due to the manner in which they are set up to support growth, particularly in a sector such as ours. They showed real understanding of the challenges in the food sector and the importance of having available cash. The ABL package, in particular the CID facility, will help greatly with our working capital requirements. Leumi ABL delivered the deal quickly and Jason was always available to offer support throughout the process.”

Additionally, Leumi were delighted to work with a wide range of Midlands’ advisers; Freeths for Leumi ABL, Prettys (Company) and Gateley (Bank). SIA undertook the asset valuations on behalf of Leumi ABL.

Leumi ABL Client Case study - Laidlaw Ltd

March - 2016
Laidlaw Ltd Leumi ABL in 12 day Distressed Equity turnaround. 12 day turnaround Asset Based Lending facilities, including debtors and a term loan, were provided to £20m turnover Laidlaw Limited, an Architectural Ironmongery and Balustrades business. Leumi ABL supported the trade and asset purchase of the business by Intrinsic Equity Ltd, the investment arm of Orbis Partners LLP.

The facility included invoice discounting, stock finance, plant and machinery finance and an amortising term loan to help facilitate headroom on the transaction.

Laidlaw had been a profitable part of the Laidlaw Interiors Group which entered administration in December 2015. The new business will continue to provide technical ironmongery solutions to its varied range of clients in both the private and public sector. Laidlaw, a business established for over 130 years, has grown into one of the leading UK distributors and will build on its reputation for its specification expertise, scale and extensive product range.

Leumi ABL worked in conjunction with Intrinsic and the management team to complete the deal in short timescales. Andy Gratton, Finance Director at Laidlaw commented: “We chose to work with Leumi due to their strong reputation in the market place. We worked closely with Intrinsic Equity Ltd and Leumi over the Christmas period to deliver the deal, securing the jobs of 140 individuals. Throughout the deal process Jason and the team worked hard to ensure that everything was in place for the planned completion date. The support received from Leumi both pre and post deal has been invaluable.”

Toby Arrowsmith of Intrinsic commented: “Leumi showed tremendous determination to ensure that all facilities would be in place for draw down at completion – including holding credit committee discussions on Christmas Day! The festive period obviously caused a number of logistical issues to the take on process that meant commercial and pragmatic solutions had to be found. Leumi delivered.”

Leumi ABL Client Case study - Aeromet International Ltd

August - 2015
Aeromet International Ltd Leumi ABL completes £9m financing deal with Aeromet International Ltd. Leumi ABL has provided a £9m structured funding facility to support an investor-led buyout of leading aerospace components manufacturer, Aeromet International Ltd.

The facility included invoice discounting, stock finance, plant and machinery finance and an amortising term loan to help facilitate headroom on the transaction.

Aeromet is a long established supplier of aerospace components to aircraft manufacturers such as Boeing, Airbus and Meggitt. The business was acquired by UK investor, Privet Capital, as a non-core disposal from US entity, Black Diamond.

The complex transaction involved three trading sites in the UK (in Worcester and Kent) and a team of over 200 staff at Aeromet. It will allow the business to further its well established relationships with key aircraft manufacturers and also develop its prototype range of A20X alloy products. Steve Keating, owner of Privet Capital, was supported through the transaction by his team of Ian Slater and Vardhan Rajkumar.

Leumi ABL were involved by Privet Capital at an early stage of eventually lengthy negotiations, in order to structure the most appropriate funding arrangement to support both the transaction and future growth potential with projected revenue increases in the next three years.

Steve Keating of Privet Capital commented: “A growing manufacturing business such as Aeromet required a flexible funding solution. Leumi, along with Privet, put together an acquisition package of financing which is adaptable and able to grow with the business. We look forward to working closely with Leumi ABL as we look to take forward the considerable potential of Aeromet.”

Martin Risman, Regional Sales Director at Leumi ABL, added: “We were delighted to be involved with supporting the Privet team in acquiring the Aeromet business. It has well developed customer relationships, a great team full of experience, an enviable reputation for quality and reliability and potential for significant growth. We look forward to being a closely aligned funding partner to the Aeromet team.”

Legal advice to Leumi ABL was provided by Squire Patton Boggs and McFarlanes acted for the vendors.

Leumi ABL Client Case study - Nu-Tech Engineering Services

August - 2015
Nu-Tech Engineering Services Leumi ABL helps complete the MBI of Nu-Tech Engineering Services Leumi ABL has helped provide the working capital to support the MBI of family owned Nu-Tech Engineering Services. This is one of the growing number of Leumi ABL’s recent M&A transactions.

The funding has allowed Venture Equity Partners to acquire 100% of the shares and will ensure that sufficient working capital is in place to support ongoing growth.

Drew Mellor, Director at Venture Equity Partners comments: “Leumi ABL worked closely and quickly with us in facilitating the MBI of Nu-Tech Engineering. Their complete understanding of the deal process alongside friendly and proactive support provided more than a funding solution for us; they have become a key partner in our business.

“In an often challenging funding environment post credit crunch, it was crucial to our process that we had daily access to decision makers, and in particular that their Credit Committee was visible throughout so there were no surprises. Rob Wakeford and the team at Leumi ABL were key to us being able to complete this exciting transaction within two months of approaching the target business. We would happily recommend them as the SME funding partner of choice.”

Rob Wakeford, Regional Sales Director, says: “ABL continues to be a good source of finance for a number of businesses. Venture Equity Partners provided a good vision for the future of Nu-Tech and had an excellent business plan.”

Phil Woodward, Managing Director at Leumi ABL adds: “Leumi ABL continues to prosper; our experience in completing transactions in short timeframes gave us an edge when completing the deal with Nu-Tech. The combination of M&A experience and the ability to provide full ABL in the mid-market enabled us to provide the extra working capital Nu-Tech required.”

Leumi ABL Client Case study - Keep Me Promotions

August - 2014
Keep Me Promotions Leumi Invoice Finance has provided a £2m factoring facility to fast growing merchandising company, Keep Me Promotions. Now in its eleventh year of trading, Keep Me Promotions had been supported by one of the main clearing banks. The business enjoyed significant growth, now at ten times the level seen in 2011.

There is a growing trend to use Keep Me as the agent for large, high value orders that need to be sourced and imported from the Far East. During the period of rapid growth Keep Me has supplied high value, large quantity orders via Keep Me Promotions (China) Limited, to their clients who require much higher insured limits than those offered by the client’s previous funder. This was the trigger for the business to seek a more suitable finance partner who could better support the funding needs of a larger company.

Kevin Anderson, Director at Keep Me Promotions, commented: “The key reason for the switch was that Leumi were able to source superior credit insurance limits by working directly with the external insurers, and we were able to offer these higher limits to our clients. Furthermore, Leumi’s service fee and discounting charges were more competitive. In summary - a win / win move.”

Rob Wakeford, Regional Sales Manager at Leumi Invoice Finance added: “Leumi was able to offer a facility tailored to the rapid growth needs of Keep Me Promotions and we look forward to supporting this successful business.”

Leumi ABL Client Case study - Civil Rail Solutions

September - 2014
Civil Rail Solutions Leumi ABL has supported Civil Rail Solutions Limited with a £2.5m confidential finance facility, replacing the client’s incumbent factoring provider. Established in 2008, Civil Rail Solutions is a recruitment company that provides temporary contingent labour to the rail industry and has seen strong growth over the past two years.

Mark Mason, Managing Director at Civil Rail Solutions commented: “We were not satisfied with our previous funding provider - they did not have the ability to grow with or support our business and were far too expensive. Leumi ABL was recommended to us by my financial advisor, Glenn Codd, who had nothing but praise for them. Having had the initial meeting with Rob Wakeford at Leumi and after conducting my own due diligence, Leumi far surpassed all other competitors within the market.

“Civil Rail Solutions have now been with Leumi for six months and the support Leumi provides has exceeded my expectations and will continue to do so. The fee structure is fair and reflects the service provided. Being able to meet the account manager and discuss the account and future growth has been key to the successful relationship between Civil Rail Solutions and Leumi ABL.”

Glenn Codd from Totally Commercial, the broker who introduced the deal, added: “I was delighted to introduce Civil Rail Solutions to Leumi. I had discussed the case with another provider but they weren’t comfortable with the contracts that the client had in place. I contacted Rob Wakeford at Leumi to discuss the clients’ requirements and a meeting was arranged within the next couple of days. The meeting went well from both sides and Rob followed up with the client a couple of days later to check on some outstanding information. Terms were issued within four days of that follow up. Once the client had reviewed the terms the account was transferred over from the existing provider within days.

“From a broker’s perspective, I was kept informed at all stages throughout the process and was delighted with the cost savings made for the client compared to his previous provider. The business is now well placed to take advantage of some exciting prospects coming to the industry over the coming years and with Leumi's support I am confident that the business will flourish financially. An excellent service all round and I would have no hesitation recommending Leumi to other clients and brokers.”

Leumi ABL Client Case Study - Traditional Norfolk Poultry

March - 2014
Traditional Norfolk Poultry Leumi ABL has recently supported Traditional Norfolk Poultry, a £20m turnover chicken and turkey grower and processor, with their seasonal working capital requirements.

Leumi ABL provided a large, flexible Invoice Discounting facility to support growth plans. Not surprisingly, seasonality is a real issue for the client as up to 30% of turnover can occur in one single month (no prizes for which month!) hence the business has a spiky working capital requirement.
The business which is well established and has a long history working with its key customers, provides year round premium free range chicken and seasonal turkeys to the UK’s largest supermarkets. Their product range includes the famous “Norfolk Black” turkey product, which recently received TV publicity in the Supermarket Secrets series.

Jason Holland, Midlands Regional Sales Director at Leumi ABL, commented: “This deal presents another example of how Leumi ABL has worked closely with the client and taken a holistic view. We have been able to provide facilities that work for both the client and for us, something which the previous financier found difficult to achieve. As a result, Traditional Norfolk Poultry now has a much healthier relationship with their working capital provider and we look forward to supporting them as they continue to grow.”

Leumi ABL provides Asset Based Lending facilities including Debtors, Stock, Plant and Loans to a wide range of businesses with a minimum requirement for £1m of funding facilities.

Leumi ABL completes £2.8m multi-asset finance deal

February - 2013
Coventry Chemicals Leumi ABL has supported Coventry Chemicals with a multi-asset finance facility to assist further growth. Coventry Chemicals is a leading manufacturer of cleaning, detergent, antiseptic and anti-bacterial products. Active in the professional and retail markets, their products are exported to an international market where they have gained an excellent reputation.
The £15m turnover business has received a £2.8m funding package from Leumi ABL, comprising Invoice Discounting, a Plant & Machinery loan and an Agreed Overpayment to maximise cash availability.

Steve Quinlan, Managing Director at Coventry Chemicals, is clear about what makes Leumi ABL stand out from the crowd: “Our decision to move to Leumi ABL was driven by a number of factors. Leumi’s ‘can-do’ approach was evident by the open and honest way they worked with the team here. The facility they offered fitted the business and our aspirational plans for the future. They reacted swiftly to our requirements and demonstrated an ability to adapt as the process of transfer got underway, and the people we have met have all been friendly, professional, efficient and approachable.

“The stand out characteristic was the support shown for our plans and the facilities were tailored to enable us to grow. Now a few weeks into the relationship, the systems and processes are easy to use and understand. We have met our main contact who took the time to visit us – he took a genuine interest in the business and went round the factory with me to better understand what we do. Without the bigger facility from Leumi ABL we would not have been able to deliver our contracted retail growth. We have new contracts already on stream and more to come in early 2013, which we would not have been able to deliver without Leumi’s support.”

Jason Holland, Regional Sales Director, commented: “Leumi ABL is pleased to be supporting the growth ambitions of this successful Midlands business as they forge ahead with their plans.”