PwC's Debt & Capital Advisory advises Cleveland Containers Limited (“Cleveland Group”) on raising Asset Based Lending (ABL) facilities
PwC’s Debt & Capital Advisory team (“DCA”) is pleased to announce that it acted as debt advisor to Cleveland Group, a UK market leader in the supply of long life, steel centric, storage, accommodation and modular products, offering a full turn-key service, based in Teesside.
The business has secured a £45m ABL facility from NatWest Group, in order to unlock additional funding and support the business growth plan centered around growing the hire model across a number of asset types.
Cleveland Group operates out of more than 15 depots across the nation, ensuring local customer service.
In December 2022, Cleveland Group launched its new growth strategy focused on growing the hire business and expanding into alternative markets, mainly site accommodation and modular buildings. In June 2022, Cleveland Group attracted an investment from LDC, the UK’s leading mid-market private equity investor, to support the next phase of its growth plan.
”We are at a very exciting point in the Cleveland journey following investment from LDC in 2022. It was essential for us to work with a funding partner that understood our growth requirements as well as the potential of our target markets. Investing in industry leading assets is key to delivering our strategy, and with the ABL now in place we can accelerate our plans to match the demand we are experiencing. Natwest were positively engaged from the outset and have been very supportive of our varied needs. Working with the PwC team was invaluable for Cleveland. A combination of hard work, expertise and a collaborative approach across all parties was the key to unlocking a great result.”
“We are absolutely delighted to support Cleveland Group with this facility which will allow them to respond to increasing demand for eco-friendly site accommodation and modular buildings. This transaction showcases NatWest’s standing as a leading ABL provider and is another example of multiple specialist teams within the bank working closely together to ensure the best outcome for our customer. We look forward to seeing Cleveland Group go from strength to strength and to continue supporting their growth journey.”
"This is another superb example of how the creative approach of the Asset Based Lending industry can support a brilliant business on its growth journey. Cleveland Group is a fascinating business and the whole PwC team have loved supporting the business through the transaction."
Deal team
PwC’s Debt and Capital Advisory team advising on the deal was Richard Siddall, Chris Hawes, Dean Stoyanov, Georgia Bowers and Wiebe Klaassen.
If you would like any further information on the transaction, please contact Chris Hawes or Dean Stoyanov.
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