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Multi-asset Advice Supports ABL Facility for Steel Stockholder

Multi-asset Advice Supports ABL Facility for Steel Stockholder

Steel Tubes

Background

European Valuations was engaged by the Steel Dynamics Group to review the accounts receivable and to appraise the inventory assets of Offshore Stainless Supplies Limited (Offshore) for a potential asset-based lending (ABL) facility which was to be provided in conjunction with the acquisition of Offshore led by the CEO of Steel Dynamics, Ian Griffiths.

Steel Dynamics is headquartered in Blackburn and is one of the UK’s leading steel stockholders and processors with offices in the Northwest, Northeast and the Midlands. Offshore was a privately-owned stainless-steel stockholder located in Walsall, West Midlands. The acquisition created a combined business with more than 100 employees and revenues of over £35m.

Cowgills provided corporate finance lead advisory services which debt advisory, financial due diligence and tax advice and due diligence.

The scope of our work included a pre-lend due diligence review of the accounts receivable and an evaluation and appraisal of the inventory assets held at Offshore’s facility in Walsall.

Our report and advice were utilised by Close Brothers Invoice Finance who provided structured debt facilities to facilitate the transaction and allow continued investment and growth.

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