Education sector supplier secures £18m sustainability-linked loan
Endless-backed educational resources supplier, Findel, has secured what is believed to be the UK education supplies sector’s first sustainability-linked loan facility from lender Santander UK.
The Hyde-headquartered company will use the £18m facility to support its medium-term growth plans whilst driving its environmental, social and governance (ESG) commitments.
Leeds-headquartered private equity firm Endless supported a management buy-out at Findel in April last year.
The company’s origins as an educational resources supplier can be traced back to 1817. Today, Findel’s brands and websites offer more than 32,000 products to educators and parents based in the UK and overseas with the business exporting to 130 countries.
To qualify as a sustainability-linked loan, Findel has made annual commitments regarding improving its carbon footprint and making its products sustainable, or sustainably improved, with a focus on removing single use plastics.
In addition, the company has committed to supporting an increasing number of its employees to engage in charity or community activities and improving its supply chain ESG audits for suppliers operating in higher risk global markets.
The business’s progress against these commitments will be independently monitored by a third-party sustainability-linked loan assurance provider.
Findel chief executive, Chris Mahady, said: “Being able to secure what both we and Santander UK believe to be the UK education supplies sector’s first sustainability-linked loan facility is something we are very proud of.
“It will ensure we further embed ESG at the heart of Findel, enable us to lead by example as a sustainable and responsible business in the markets we serve and invest in new products and services for the benefit of educators and parents worldwide.”
Andrew Ross
Endless partner, Andrew Ross, said: “Findel’s sustainability-linked loan refinancing is another important step in the continued evolution of the company. It will allow the business to further align with, and better serve, the needs of its customers and the children who use and benefit from its products and services.”
Chris Thomas, Santander’s director, structured finance, financial sponsors, said: “Findel is a leading player in the educational supplies market.
“This is the first Sustainable Linked Lending facility to be provided by Santander UK’s Financial Sponsors team and it is great to see private equity supporting their businesses to do more in terms of ESG commitments.”
Wendy Whewell, Santander UK’s head ESG & climate change, added: “It has been a pleasure working with Findel on this transaction.
“In our discussions with the management team, it is clear that sustainability is built into its ethos. Its ambitious targets will build on the work it has already undertaken and its commitment to collaborate with all its stakeholders to ensure that they will all be on a just transition to net zero.”
Findel’s brands comprise Hope, GLS, Davies Sports and Philip Harris and the company employs around 300 people in total.
Findel was supported on the transaction by Richard Siddall and Louise O’Sullivan from PwC debt advisory and Phil Scott and Laura Swift from law firm Walker Morris.
Financial due diligence was undertaken by Dan Rosinke and Nikolai Naidoo at Grant Thornton. Santander was advised by Matthew Christmas and Noori Goffar at law firm DLA Piper.
