Arbuthnot Commercial Asset Based Lending (ACABL) has supported THREE60 Energy (THREE60), an existing client, in its acquisition of Pryme Group and Flexlife to create a £200m industrially diversified global business servicing the energy sector.
Arbuthnot Commercial ABL provided a combined £17.7m facility, comprising receivables financing, a property term loan and a bespoke £5m cashflow loan facility to support THREE60’s continued expansion.
THREE60, majority-owned by Simmons Private Equity, a division of Piper Sandler (NYSE-listed), becomes a leading independent energy service company offering complete asset lifecycle expertise.
Commenting on the transaction, Kerrie Murray, Group CFO of THREE60 Energy, said: “The coming years will be an important period for the group, and Arbuthnot Commercial ABL has structured a facility that will be a pivotal platform for our continued growth. The timeline we have worked to has been relatively aggressive, and I do not think we would have achieved this transaction with a traditional lender. Arbuthnot’s responsiveness and swift execution were crucial factors in our decision to partner with them. Their team’s ability to think outside the box and get things done quickly is refreshing and reassuring. We are looking forward to the next exciting stage of our journey with Arbuthnot.”
Andrew Rutherford, Commercial Director at Arbuthnot Commercial ABL (pictured), commented: “We were delighted to work alongside the management teams of THREE60, Pryme Group, and private equity sponsor Simmons Private Equity to deliver this intricate and tailor-made transaction, ensuring both flexibility and certainty. Our approach extends beyond individual deals; it’s about nurturing enduring relationships. We remain committed to supporting the extended Group as a long-term strategic funding partner, further enabling its exciting growth trajectory within the dynamic and expanding transition and low carbon energy markets.”
Arbuthnot Commercial ABL is a specialist asset-based lender, focused on delivering facilities to SMEs and lower mid-market corporates. The specialist lender provides full asset-based lending (ABL) facilities (invoice discounting, stock finance, property and plant and machinery loans) plus cash flow loans in support of acquisition, refinancing, cash-out, and turnaround scenarios.
ACABL is a wholly owned subsidiary of Arbuthnot Latham & Co., Ltd., along with asset finance subsidiary Renaissance Asset Finance (RAF) and Asset Alliance Group, a finance and leasing specialist for the commercial vehicle sector, purchased by Arbuthnot Latham & Co., Ltd in 2021.
Since being acquired by Arbuthnot Latham & Co., Ltd. and funded from the deposits business of the commercial bank, all three specialist lenders have shown rapid growth, benefitting directly from the commerciality, commitment and creativity of an independent bank, aligned with the strength, stability and heritage of the Arbuthnot brand.
RAF is rapidly expanding in the asset finance market with new business volumes of £55m in 2021 and £95m in 2023 – and a sizeable increase expected in 2023.
In 2022 new business at Asset Alliance Group soared by 198% to £116m thanks to significant funding support from Arbuthnot Latham, and further growth was witnessed in 2023 with Asset Alliance Group reporting their strongest ever year.
