Leumi ABL leads in new £90m club facility for evo
Posted: 11th October 2023 | Share
Leumi ABL together with Close Brothers have supported evo Business Supplies with a new 3 year £90m funding arrangement.
This replaces the existing facilities, which were due to expire in December 2023, and consists of a £80m Invoice Finance facility and a £10m Term Loan. The funding will be led by Leumi ABL, continuing its relationship with evo, with new partner Close Brothers.
The new structure represents materially improved financial terms for evo reflecting a positive financial performance in recent months.
Commenting, Jon Maxted, evo CFO, says, “We are very pleased to conclude this process and deliver new facilities for evo, which meet the needs of the business. We are pleased to be continuing the strong relationship we have developed with Leumi and welcome Close Brothers as a partner.”
evo CEO, Andrew Gale, adds, “This is one of two important announcements, which when combined position evo strongly for the next three years. evo is moving forward positively. Our numbers are improving, we have the support of strong stakeholders, and we are focussed on delivering both with, and for, our UK and Irish customers and suppliers.
James Woolley, Endless partner, adds, “We are very pleased with the material improvement in evo’s performance over the last 12 months and this refinancing both reflects that and creates opportunities to accelerate the development of evo in the months ahead. We are very positive about the future for evo.”
John Walsh, Regional Sales Director at Leumi ABL, says, “We are delighted to lead the £90m ABL club facility, with Close Brothers as participant, enabling us to continue our relationship with the evo Management Team and complete the refinance in such a short timeframe. This is a great example of two lenders working together with a supportive PE Sponsor and we look forward to supporting evo Management in their exciting development and growth plans, seeing the business grow from strength to strength.”
Andrew Metcalfe, Head of ABL Sales, North at Close Brothers, says, “Close Brothers are delighted to support evo and Endless with this refinance package. Along with our partners Leumi ABL, the facilities provided will support the ongoing growth and strategic vision of the evo management team with the ongoing support of Endless.”