Asset Based Lending -
Arbuthnot Commercial ABL delivers all asset funding facility to support Elaghmore’s acquisition of Blaze Signs
Arbuthnot Commercial Asset Based Lending (“ABL”) has provided a comprehensive funding package to support the acquisition and ongoing working capital of Blaze Signs Holdings Ltd (“Blaze”), one of the UK's leading signage businesses, by private equity fund Elaghmore.
Based in Broadstairs, Kent, and with a substantial manufacturing and service centre in Birmingham, Blaze designs, manufactures, installs and maintains high-quality signage for well-known brands, including Lloyds Bank, Vision Express, Tesco and Sainsburys.
The acquisition includes Blaze’s trading subsidiaries, Blaze Signs Ltd and Cygnia Maintenance Ltd. Cygnia is the UK's largest, and leading provider of sign maintenance, sign repairs and image protection services. Blaze Signs and Cygnia Maintenance will join Kesslers and Gardners as part of the Elaghmore-owned Hexcite Group.
Blaze employs 250 people across the UK and made c.£25 million in revenue in 2019. The management team, led by Clive Knight, Chris Abbott and Fraser Burns will continue to lead the business following the acquisition. Elaghmore is acquiring Blaze from Mobeus Private Equity Partners.
Michael Rice, Investment Director at Elaghmore and a Director of Hexcite Group, said:
Arbuthnot Commercial ABL played a big role in delivering the appropriate funding structure for this material acquisition, enabling us to strike the right balance of debt and equity. This deal will generate significant opportunities for cross-selling between all four business units within the Group, driving top-line growth and market share.
When selecting a lender, service is a real differentiator. The team at Arbuthnot Commercial ABL clearly understood the priorities and timelines involved and backed a management team that has the objective of driving strategic sales growth. They were flexible and responsive; the credit process was clear and straightforward, and they executed the deal at pace. Arbuthnot’s presence across our regions means we can always work with a local lender, invested in our businesses and geography, to enable true collaboration. We look forward to developing a long-term relationship with Arbuthnot Commercial ABL as we add further compatible businesses to the Group.
Andrew Rutherford, Commercial Director at Arbuthnot Commercial ABL, said:
“We were delighted to support the management team with a transaction that will see this successful signage business, and the wider group, accelerate opportunities for growth. Like many event-driven deals, this transaction highlights the importance of working collaboratively and openly with both the private equity sponsor and the management team to achieve a highly beneficial business outcome.”
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Registered in England and Wales no. 10915339. Arbuthnot Commercial Asset Based Lending Limited’s registered office is Arbuthnot House, 7 Wilson Street, London, EC2M 2SN. Arbuthnot Commercial Asset Based Lending is not authorised and regulated by the Financial Conduct Authority.
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