Wells Fargo Capital Finance (UK) worked with Bridgepoint Credit to provide Acorn Growth Companies with a funding package to support its acquisition of Aerospares 2000, a supplier of aftermarket parts to the commercial aviation industry.
Wells Fargo facilitated an asset based lending revolver alongside a term loan provided by Bridgepoint Credit, a provider of private debt to European mid-market businesses. This funding package has been used by Acorn Growth Companies – a private equity firm focused exclusively on aerospace, defense and intelligence – to support the acquisition of a majority interest in Aerospares.
As well as supporting the working capital and growth financing needs of Aerospares post-acquisition, the financing solution will also drive Aerospares’ expansion into Europe and the U.S. Adam Nemenyi, Aerospares’ founder, will remain managing director and retain a significant ownership position in the Company.
“Working with Bridgepoint Credit, we are delighted to have delivered to Acorn Growth Companies a tailored credit package that meets their strategic acquisition and funding requirements,” said Tom Weedall, head of UK originations, Wells Fargo. “Aerospares provides pivotal services to the international aviation community and by leveraging Wells Fargo Capital Finance’s capabilities, we are proud to support the UK’s evolving aerospace industry.”
Acorn Growth Companies is a middle market private equity firm focused exclusively on aerospace, defense and intelligence.