Leumi ABL has provided a new £10m asset-based lending facility to facilitate the merger of existing client Mthree with Peregrine International Limited
Posted: 16 Feb 2026 | Share
Leumi ABL has provided a new £10m asset-based lending facility to facilitate the merger of existing client Mthree with Peregrine International Limited. Both businesses are portfolio companies of the UK-based private equity investor Inspirit Capital, and operate in the hire, train, deploy space within the recruitment sector.
The transaction demonstrates both Leumi ABL’s commitment to working with trusted partners and its significant expertise when it comes to supporting PE businesses to achieve their objectives; Leumi ABL has now provided bespoke financing packages to three Inspirit portfolio companies, as it also supported the acquisition @Spaldings Ltd, an agricultural parts business, which was purchased in June 2023 and successfully exited by Inspirit in September 2025.
The newly combined company will benefit from greater scale, as well as a strengthened management team. Furthermore, as Mthree and Peregrine focus on the private and public sectors respectively, the merger will result in increased routes to market, delivering clear opportunities for cross selling.
Paul Youens, Investment Director at Inspirit Capital, said: “It has been a pleasure to partner with the Leumi ABL team again. Their willingness to work closely with us and deliver tailored financing solutions at pace has always stood out. The team brings strong sector expertise together with a clear understanding of the requirements of private equity sponsors such as Inspirit, while remaining pragmatic and adaptable as transactions evolve. Asset-based lending represents an attractive solution for PE-backed businesses, providing flexibility, with borrowing capacity that can scale alongside growth. Mthree and Peregrine International are already leading businesses within their respective subsectors, and with the additional scale and enhanced routes to market created through the merger, the combined group is well positioned for growth and long-term success.”
Katharine Weeden, Regional Sales Director (London) at Leumi ABL, said: “We’re thrilled to partner once again with a trusted PE Investor, Inspirit Capital, to swiftly provide a bespoke solution that enabled it to successfully complete a value accretive merger of two of its portfolio companies. This deal underscores not only the depth of expertise within our team but also our strong understanding of the specific requirements of PE-backed businesses and the importance of flexible structures that can evolve as transactions progress, and exemplifies our ability to execute cross-border transactions, as Mthree has operations in the US as well as in the UK. As a lender with significant experience in the PE space, we recognise the critical role that asset-based lending can play in providing scalable capital that supports growth. We look forward to working with the management team of the newly combined group, as well as with Inspirit Capital, as each entity embarks on this exciting new chapter.”