Arbuthnot Commercial ABL supports Carmichael Capital’s acquisition of Future Advanced Manufacture Limited with a £3m funding package

Arbuthnot Commercial ABL has supported Carmichael Capital’s (“Carmichael”) acquisition of Cheltenham-based Future Advanced Manufacture Limited (“Future Advanced Manufacture”) with a £3m facility.

Published

2nd December 2021

Category

Future Advanced

The comprehensive funding package, which comprised facilities against debtors and plant & machinery, together with an RLS loan, has been structured to provide ongoing working capital post-acquisition to enable the business to drive further growth. The transaction was introduced by Rupert Rawcliffe, Founder of SRC Corporate Finance.

Future Advanced Manufacture is an advanced engineering company that supplies mission-critical components to OEMs and end customers in the aerospace, defence, and medical sectors. Carmichael Capital has a distinctive strategic focus on investing in niche, IP-rich, engineering and technology businesses with international growth potential.

Commenting on the transaction, Ashok D'Sa, Managing Director, Carmichael Capital, said:

"It is not easy to find businesses such as Future Advanced Manufacture, that are so perfectly aligned with our target criteria in terms of size and sector, have an established international footprint, strong customer relationships and an innovative culture. With the strategic skills, experience, and network that we bring to acquisitions and with Arbuthnot Commercial ABL as a strong, long-term funding partner to support our buy-and-build strategy, we look forward to an exciting future founded on innovation and growth. The Arbuthnot Commercial ABL team came across as being very experienced, responsive, and service-oriented and looked ‘beyond the spreadsheet’ to structure a transaction that worked extremely well. Arbuthnot are well known to the other members of the deal team and the information flow between the parties was first class throughout.

This acquisition, supported by Arbuthnot, has effectively trebled the size of the Group. We very much look forward to bringing together the expertise of both businesses, which from an operational standpoint, will broaden our ability to access new markets in addition to the new range of product capabilities we can now offer to our customers across healthcare, retail and foodservice."

Andrew Rutherford, Commercial Director at Arbuthnot Commercial ABL, said:

“It’s been a pleasure to support Carmichael Capital in its ambitions to scale through acquisition and look forward to helping the team in their plans to secure scarce technology and talent, increase operational capacity and further extend sectoral and geographical reach. We believe in backing and working with great people. The transaction parameters changed at various stages and the deal team took things in their stride, working through each of the issues nimbly, quickly, and calmly. From Rupert Rawcliffe, Founder of SRC Corporate Finance, who introduced the transaction, to Azets who conducted the financial due diligence, and both sets of lawyers who worked together extremely well, the approach was collegiate and mutually supportive at all times, resulting in a great outcome.”

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