Wells Fargo Capital Finance UK, part of Wells Fargo, led a £70 million ($93.6 million) asset-based lending facility with BNP Paribas Commercial Finance for Mach Recruitment, a supplier of staffing services to companies within the food manufacturing, logistics and e-commerce industries.
“We are delighted to have completed our refinancing with Wells Fargo and BNP Paribas,” Mark Keegan, CFO of Mach Recruitment, said. “These two lenders repeatedly demonstrated a flexible, commercial and professional approach to our ambitious needs during the process. We look forward to a long and prosperous relationship with them.”
“We are honored to provide financing to Mach Recruitment, one of the UK’s leading recruitment providers, as they continue their incredible growth journey,” Julian Osborne, director of originations for Wells Fargo Capital Finance UK, said. “It has been a pleasure to work with their wonderful management team and we look forward to continuing to grow our relationship.”
Headquartered in Leeds, England, Mach Recruitment was founded in 2007 and operates from nine recruitment centers and 84 managed sites across the UK.
PwC led the refinancing process, providing debt advisory services to Mach Recruitment. Tom Telford of Squire Patton Boggs provided legal advice to Wells Fargo Capital Finance UK and BNP Paribas Commercial Finance, and Trish Grinyer and Marc Allison of Weightmans provided legal advice to Mach Recruitment.
“It was great to have the opportunity to work with Tom and the management team to help them secure a significant uplift in their funding line,” Richard Siddall, partner at PwC, said. “The successful completion of this latest refinancing is a real testament to the performance of the business to-date and will provide a strong foundation for Mach to continue its rapid growth over the next few years.”