Arbuthnot Commercial ABL supports Emerge Global’s investment in Seaspace with a £2m asset-based lending facility
Arbuthnot Commercial ABL has structured a flexible funding facility to support Emerge Global’s investment in Seaspace International Forwarders Ltd (Seaspace), a specialist freight forwarding and logistics service provider operating from Gatwick.
The new funding line increases the Group’s facility to £4.4m. The additional funding package supports the initial consideration and generates increased headroom for working capital and growth across the Group companies. Seaspace’s majority shareholder, who has passed responsibility for running the business to the management team, will crystallise the value in the business his father established while retaining a sizeable interest as it enters a new phase of ownership.
Seaspace was founded in 1988 and has operated successfully for over 30 years, becoming a respected freight forwarder and logistics provider across air freight, sea freight and fulfilment.
Richard Harris and Mark Bigley, Co-Founders of Emerge Global, said:
"We would like to give huge thanks to the team at Arbuthnot Commercial ABL for completing the financing in support of this key strategic investment. This is the second deal we have worked on together and they have been wonderfully supportive to us over the last seven months. They emerged head and shoulders above the other lenders that we have spoken to by establishing a strong group-wide funding proposition at a time of significant geopolitical and economic change.
It is exciting to see the plan we set in motion three years ago being realised, enabling SMEs to move anything from anywhere to anywhere around the world. Seaspace is a key piece of the jigsaw, extending our air and sea freight capability and firming up our e-commerce and retail B2B fulfilment proposition. Our shareholders are very supportive of the shared vision we have for the business and we have already embarked on a technology deployment that will enable us to increase capacity, with a view to achieving the next stage of growth."
Andrew Rutherford, Commercial Director at Arbuthnot Commercial ABL, said:
“We are delighted to support Richard Harris and Mark Bigley with the funding to secure this important investment and to continue to drive growth throughout the Group. There are many things about this deal that feel especially close to home. We enjoy working with experienced and dynamic leadership teams and ambitious groups with clear buy-and-build plans. We feel comfortable liaising with multiple stakeholders to complete transactions within tight timescales. In addition, at just a well-struck long iron away, Seaspace couldn’t be very much nearer to our office at the Beehive in Gatwick.”
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