Leumi ABL completes a structured ABL deal for facilities totalling £40m with existing client, Argent Foods Group
Posted: 8th February 2024 | Share
Leumi ABL has successfully completed a structured ABL deal, totalling £40m, with existing client, Argent Foods Group. This deal, a transition from a club deal to an independent bi-lateral agreement, features a £40m Receivable Finance Facility, including a seasonal Revolving Credit Facility of £6m, which provides the business with funding to meet its seasonal working capital needs.
Argent Foods Group is a successful and diverse international Group operating a number of businesses within the fresh fruit and food supply related industries, supplying a broad range of customers in retail, food service and manufacturing.
James Fallowfield-Smith, Group CFO at Argent Foods, added: “Thank you to the team at Leumi ABL, who has been an excellent partner since January 2020. They’ve been actively involved in various amendments to the security and funding structure of the facilities, as the Group has evolved over this time. We’re particularly pleased with the team’s deep understanding of our business needs, and with their efficiency and flexible financing solutions, especially given the seasonality within the businesses.”
Steve Walker, Client Manager at Leumi ABL said: “We’re pleased to have been given the opportunity to adapt to Argent Foods’ needs in a constantly changing market. The strength of this partnership is rooted by our existing 3-year relationship and knowledge built of both the industry and sectors during this time together with understanding the needs of all the companies that we fund within the Argent Foods Group. Our capacity to tailor our financial solutions to their unique business cycles and fast-tracking our credit approval process have been key factors in our successful collaboration. We look forward to continuing our partnership with Argent Foods.”
Legal advisory for the deal was provided by Crowell and Moring LLP, with Alvarez and Marsal as retained debt advisors. TLT and Ashurst LLP were the legal firms involved in the transaction.