£95m debt facility agreed for equipment hire company
West Yorkshire-based specialist hire equipment business, Kelling Group, has secured a £95m debt facility.
PwC’s Debt & Capital Advisory team advised the Normanton-based company on securing the facility to support continued investment into its hire fleet.
The facilities were provided by HSBC, NatWest and Yorkshire Bank and consisted of an asset-based lending facility (ABL), RCF and term loans.
Kelling provides specialist hire equipment throughout the UK to infrastructure and associated end-markets.
Founded in 2007 under the Access Hire brand and since expanding to include Welfare Hire in 2012, the Group has experienced consistent double digit year on year growth. It supplies vehicle mounted access platforms and eco- friendly lighting and mobile welfare facilities.
The increased debt funding will enable the firm to continue to deliver its strategy of growing the most modern and environmentally sustainable fleet with a premium level of service to partner with clients on critical long-term infrastructure projects across the UK.
The PwC Debt & Capital Advisory team, led by Richard Siddall and supported by Dominic Renshaw, Emma Lister and Jack Price, ran a competitive funding process to ensure the business has the financial backing and flexibility to deliver its growth plan.
Will Oxley led the PwC Financial Due Diligence team supported by Steve Gill. Andy Fordham at Addleshaw Goddard provided legal advice.
Stephen Moore, Kelling Group CEO, said: “We’re very pleased to have the support of Natwest who join our existing lenders HSBC and Yorkshire Bank in providing this significant funding package.
“We’ve been working with PwC over recent months to ensure we have the right funding to support the ongoing growth of the business in our chosen infrastructure end markets.
Richard Siddall from PwC added: It’s great to see these lenders supporting Kelling who are leading the way in investing in a modern, specialist, eco-friendly hire fleet.
“The business manages to outperform growth expectations year on year and the funding will allow this trend to continue.”
