Leumi ABL completes a £multi-million refinancing deal with Prime Light Electrical
Posted: 4th April 2023 | Share
Leumi ABL is delighted to announce that it has completed a £multi-million refinancing of Prime Light Electrical, a Private Equity backed market leader in the distribution of electrical components and provision of lighting solutions.
Established over 30 years ago, Prime Light provides a wide range of products including lighting components, smart controls solutions, LED drivers and emergency lighting components.
Leumi provided an Invoice Discounting Facility and amortising Term Loan, replacing incumbent legacy banking facilities and providing the company with increased liquidity and finance to support revenue growth plans.
Simon Weaver, Prime Light CFO commented: “Leumi have provided a mix of revolving and term debt to meet our funding growth requirements and support our growth aspirations. The Facility gives us working capital flexibility and an ability to maximise the benefit from additional liquidity in the way that our key stakeholders required.”
David Wingfield, Partner at Bay Tree Private Equity added: “It was essential that the Leumi facilities provided both flexibility and certainty to support our cashflow requirements. It is good to know we have a responsive funding partner who understands the dynamics of our business and investor interaction. We have already developed a strong relationship with the Leumi team”.
Leumi Regional Sales Director, Martin Risman, said; “Prime Light has a very attractive client profile for Leumi with supportive Private Equity shareholders, a well-established customer base and strong management team with a forward-looking growth plan. We are delighted to provide facilities to Prime Light and look forward to developing our relationship with the team and investors.”
FRP Corporate Finance provided debt advisory input. Legal support was provided by DMH Stallard (Leumi) and Squire Patton Boggs (Prime Light).
Martin Risman, Regional Sales Director at Leumi ABL