Our client
GIL Investments is a UK based private investment firm specialising in acquiring controlling stakes in businesses with the aim of supporting their growth in the long-term. It currently has a portfolio of 13 companies.
Business challenge
As a specialist in corporate divestments, GIL was keen to purchase manufacturing firm ICoNiChem (previously known as Shepherd Widnes). ICoNiChem is a well-established company that produces metal salts and compounds and supplies its products to customers around the world.
GIL sought funding for the acquisition in addition to working capital finance over the initial term. Requirements were complex due to there being a high level of export debt and the transaction having a specific completion date. GIL needed to find a flexible provider willing to work to a tight schedule.
Solution
Close Brothers was considered to be the ideal lender and was approached to fund the acquisition by providing a full asset based lending (ABL) facility – funding against receivables, stock, plant and machinery.
Trevor Middleton, Director of GIL Investments, specifically wanted to work with Close Brothers as he had positive experiences in the past, dating back to the early 1990’s.
Trevor praised the flexibility offered and cited the empowered sales team as his biggest motivating factor for choosing Close Brothers over a high street bank.
Result
The deal was completed in September 2016 and GIL is working with local management to take the business forward. Described by Trevor as a ‘traditional GIL deal’ it is well-suited to GIL’s long-term, collaborative and credible investment approach. The involvement of Close Brothers has enabled GIL Investment’s ambitious growth plans to come to fruition.
"We keep coming back to Close Brothers because we find the team so easy to deal with and very flexible. They have a great understanding of the market and how their products can work for people. With Close Brothers, I always have complete confidence that the terms outlined to us will be delivered." - Trevor Middleton, Director, GIL Investments
