Daily News: February 23, 2015

BofA Business Capital Provides ABL to Hewden Stuart

Bank of America Business Capital provided a £115 million ($178 million) credit senior secured facility to Hewden Stuart. Proceeds will be used to refinance existing indebtedness, support working capital and capital expenditure needs.

“The goal was to find a long term flexible financing facility to allow for anticipated growth,” said David Culpan, head of European Capital Markets at Sun European Partners. “We were impressed with Bank of America Merrill Lynch’s approach, early commitment to the transaction and the simplicity and flexibility of the new financing structure was very attractive.”

Jeremy Harrison, senior BDO at Bank of America Business Capital regional group in London, said, “Our ABL facility gives Hewden Stuart capacity to grow and liquidity to acquire new equipment in their expanding market. We are pleased to provide Hewden Stuart with this solution and look forward to supporting the company’s continued growth.”

Sun European Partners is a private equity advisory firm.

Based in Manchester, Hewden Stuart is owned by an affiliate of Sun European Partners, and is one of the United Kingdom’s largest plant and equipment hirers. Hewden Stuart operates through a nationwide depot network and employs more than 900 staff.