This Northern Ireland based electrical heating, ventilation business was establish as part of a consortium tasked with operating two long-term service contracts.
The deal itself involved ExWorks providing acquisition finance, a small amortizing cash flow bridge secured against commercial property, and an on-going revolving working capital facility against receivables, and work in progress to the client. The capital was used for the strategic purchase of the company and all of its subsidiaries that it shared the operating housing contract with.
” ExWorks was approached by the PE fund to assist with the critical completion of the acquisition that their portfolio company had targeted and advised of the time pressures being imposed by the vendor who was fielding interest from trade buyers. It was imperative that the contract with the local Irish government was retained to ensure uninterrupted continuity to the service and revenues that the company derives from operating the contract. Following the success of the acquisition, management now plan to embark on the acquisition of another strategic Northern Ireland-based mechanical electrical engineering maintenance business, which serves the blue chip commercial clients, which will enhance growth and the defensibility of the business with ExWorks’s support.” Ben Boateng, Senior Director at ExWorks Capital
ExWorks Capital provides domestic, import and export trade financing offering financing solutions to businesses utilizing its own capital. ExWorks also carries Delegated Authority granted by both the SBA and ExIm Bank.
ExWorks Capital’s Offerings:
Bridge Financing – ExWorks can provide short-term financing to fulfill existing company needs between $500,000 and $25,000,000.
Domestic, Export, and Import Financing – ExWorks can purchase or finance export/import/domestic goods to provide additional liquidity when selling both domestically and overseas between $500,000 and $25,000,000.
Working Capital Financing – ExWorks can provide financing on both Domestic and International Receivables and Inventory, including advancing on Raw Materials, WIP and Finished Goods, between $1,000,000 and $25,000,000.