Hewden Stuart Extends £100 Million ABL Line With RBS
Hewden Stuart Limited, a provider in the UK plant hire sector, has extended its £100 million asset-based lending (ABL) funding package with RBS Invoice Finance until 2015.
The ABL facility, secured against the firm’s account receivables, plant and machinery and property assets was originally introduced in August 2010 to support the company’s working capital requirements.
Hewden Stuart Limited was acquired by an affiliate of Sun European Partners, LLP in 2010. It has supported and overseen the management team’s implementation of a robust strategy and business plan, which is proving highly successful.
The suitability of the ABL facility and strength of relationship built between the sponsor, management and RBS Invoice Finance led to Sun European Partners, LLP approaching RBS Invoice Finance to request an extension of the facility term, 19 months prior to expiry of the original agreement period. The stability and certainty this extension provides will enable the business to continue to plan for the longer term, including investing in its fleet where required.
Hewden Stuart was established in 1968 after the merger of Hewden (Plant Hire) and RG Stuart Plant. Today, Hewden is a multi specialist construction, infrastructure, environment and industrial plant and equipment rental provider, employing 1100 rental professionals.
Sun European Partners, LLP is the European adviser to Sun Capital Partners, Inc., a U.S.-based private investment firm focused on leveraged buyouts, equity, debt, and other investments in companies.