2019

Year

Asset-Based Financing

Transaction Type

Industrials

Sector

Red7Marine

Client

Arbuthnot Commercial

Lender

Red7Marine

Cavendish Corporate Finance (“Cavendish”) is pleased to announce the refinancing of I&C Ltd, trading as Red7Marine (“R7M”), with Arbuthnot Commercial, who delivered a new £12m asset based financing facility. R7M is a leading provider of near shore access solutions to the UK marine construction and renewable energy industry, and an investee company of Perwyn Private Equity (“Perwyn”).

R7M has been involved in prestige infrastructure projects such as the London Super Sewer, Blackfriars station, London Eye maintenance, Canary Wharf crossrail station, London City Airport and Hinkley Point power station. Nick Offord (CEO) founded the business in 1999 as Haven Ports Limited, which was merged with AMSL in 2008 to form Red7Marine before Perwyn acquired the enlarged group in 2013.

Cavendish’s Debt Advisory team – having understood the specific requirements of both shareholders and management – introduced Arbuthnot as the logical ABL funding partner.  The £12m facilities allow for the refinancing of all existing third party debt facilities, return of capital to shareholders and further expansionary headroom to enable the business to take advantage of future growth opportunities.

Nick Offord, CEO of R7M commented:

“The Cavendish team, led by Alistair and Mike, did a fantastic job managing the process, providing valuable advice and identifying Arbuthnot as the right partner for the business. It was a pleasure working together and we are pleased to have achieved this outcome for the company.”

Andrew Rutherford (Commercial Director of Arbuthnot Commercial ABL) commented:

“R7M is a very impressive business led by a highly experienced management team with a clear vision for the future.  Having the opportunity to support the business as it expands into new and emerging sectors as well as focusing on its existing core markets is compelling and we wish Nick and the management team every success as they bring their exciting plans to fruition.

Alistair Hay, Debt Advisory Partner at Cavendish Corporate Finance, added:

“I’d like to congratulate all stakeholders involved in the successful completion of this transaction. The chemistry between Red7 management and Arbuthnot was apparent from early on in the process and the former’s appreciation of stakeholders’ objectives for the transaction was critical to securing the mandate.  Once outline terms were agreed, we were particularly impressed with the speed and commerciality that all parties showed in completing this transaction ahead of the business’ financial year end.  We thank everyone involved for their efforts and wish them the best going forward.”

Key Contacts

Alistair Hay

Partner & Head of Debt Advisory

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Graham Cooke

Partner, Debt Advisory

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Krishan Raval

Associate, Debt Advisory

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