Leumi ABL and Close Brothers provide £93m refinancing package to evo Group to facilitate management buy-out
Posted: 27th March 2025 | Share
Specialist lender Leumi ABL, part of Leumi UK, has partnered with Close Invoice Finance Limited to provide a £93m refinancing package to evo Group, a provider of integrated and value-add fulfilment services. The funding has enabled the CEO Andrew Gale to lead a management buy-out of the company, which facilitates a successful exit for funds managed by Endless LLP (“Endless”), evo’s long-standing PE shareholder.
This is evo’s third deal with Leumi and second with Close. As part of the transaction, the syndication, led by Leumi, has provided a £80m invoice finance facility and £13m in term loans, with an initial term of four years.
Headquartered in Normanton, evo Group has grown significantly under Endless' ownership and is now made up of six different brands, generating in excess of £500m of sales and employing 2,000 people. It provides sourcing, storage, specialist and value-added fulfilment services to resellers, consumers, large public sector bodies and corporate organisations and offers the full range of business-critical supplies from everyday essentials, facility supplies, paper, furniture and technology.
Leumi has a long track record of delivering tailored and flexible Asset Based Lending solutions expertly structured to meet the unique needs of its clients at remarkable speed. This transaction exemplifies what differentiates the business – despite the complexity of the deal, it was executed swiftly and efficiently, delivering a solution designed to support the continued growth of evo Group.
Andrew Gale, evo CEO, said: “The evo business has made major strides over the last couple of years and we are excited about the opportunities ahead. This refinancing and transaction unlock the opportunity for evo to take on fresh investment to support our ambitions in terms of product and geographical expansion, all within a balanced multi-sales channel model. We welcome the responsive and effective support and expertise of Leumi ABL and Close Brothers as we embark on the next stage of the business’ growth journey.”
John Walsh, Regional Sales Director (Leeds and North-East) at Leumi ABL, said: “evo is a high quality business with a bright future, which we look forward to continuing to support under its new ownership. This transaction is a great example of what sets Leumi apart, as our ability to provide a flexible suite of ABL facilities was key to enabling this transaction to complete, achieving the desired outcome for all involved parties.”
Andrew Metcalfe, Head of Corporate Sales at Close added: “We are delighted to support Andrew and the evo team with the transaction. The new facilities will support the MBO and provide the liquidity for the continued growth trajectory of the business. We look forward to a long-term partnership with the management team and our lending partner Leumi ABL.”
Endless were advised by Walker Morris LLP.
Leumi and Close were advised by DLA.
Andrew Gale was advised by Peter Considine, Finance Eagle Limited and BDO.