£100m debt refinancing for Cheshire property group
Alantra, the investment banking and asset management firm, has advised family-owned business Gladman Developments on a £100m debt refinancing.
This was funded by clients of Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, to support the future growth of Gladman’s business and enhance its financial position.
Based in Cheshire and founded in 1987 by David Gladman, Gladman Developments has a track record in commercial property development and, more recently, strategic land promotion across the UK.
The business employs almost 250 staff and boasts revenues of more than £75m.
Gladman has a market-leading position in strategic land promotion – a business focused on obtaining planning position for strategic land suitable for residential housebuilding and subsequent competitive selling of this land – proven by its track record of achieving more than 90% success at planning.
Its sister business, Gladman Retirement Living – trading as Adlington – builds and sells affordable luxury retirement apartments for independent living — also a high-growth market.
Gladman intends to use the new financing package to drive the next phase of growth by investing in its pipeline of promotions and new Adlington sites, supported by a flexible covenant suite tailored to its business.
David Gladman said: “This funding package enables us to quickly grow both businesses and exploit the opportunities in both sectors.”
Tara Moore, managing director at Guggenheim, said: “We are delighted to partner with Gladman Developments, a highly respected founder-owned business.
“This transaction is at the core of our investment strategy which is based on providing long term flexible financing solutions to high quality companies and management teams.
“This debt financing—taken together with Gladman’s established track record, experienced management team, and strong cash flow—better positions the firm to execute on its growth plans across both the Gladman and Adlington businesses.”
Richard Sanders, partner in Alantra’s UK M&A advisory practice, said: “We are delighted to have advised Gladman Developments on its debt refinancing from Guggenheim Partners.
“Gladman is a strong business which has grown rapidly over the last few years and is now well-positioned to implement its future growth plans.”
Andrew Shellard, partner in Alantra’s UK debt advisory practice, added: “Gladman Developments is an unusual business in traditional debt terms and raising a new debt facility posed some challenges.
“We were very pleased to have helped the company navigate the increasingly diverse private capital markets and find the right lenders.
“We secured a £100m facility, which was helped by the combination of a fantastic management team, clearly articulated business plan and strong track record which clearly evidenced the ongoing market opportunity.”
