Arbuthnot Commercial ABL delivers refinancing facility for TP Matrix

By Bridging Loan Directory 3rd February 2022

Arbuthnot Commercial Asset Based Lending (“ACABL”) has structured and delivered a flexible funding package to support the refinance of TP Matrix, which was acquired by Amcomri Group in 2021, a fast-growing, acquisitive group of quality British engineering and manufacturing businesses.

The facility comprises a revolving invoice discounting line and cashflow loan, which will support a combination of objectives, including the provision of working capital headroom to drive future growth.

Arbuthnot Commercial ABL also recently supported Amcomri’s acquisition of Manchester-based J A Harrison & Co. with an all-asset funding package.

Based in Oldham near Manchester, TP Matrix has supported the rail industry for over 30 years, providing engineering, test, repair, and overhaul services for a wide range of safety-critical equipment associated with passenger and freight rolling stock electronics, including mainline trains, trams, and London underground fleets.

Commenting on the transaction, Mark O’Neill, Investment Director at Amcomri Group, said:

“We have a strong relationship with the team at Arbuthnot Commercial ABL, and their approach to deliverability and timeliness made them the obvious choice of funding partner for this transaction.

The working capital facility will enable the business to take advantage of a strong pipeline and go on to implement the business plan and drive further organic growth.”

Andrew Rutherford, Commercial Director at Arbuthnot Commercial ABL, said:

“While acquisitions tend to grab the headlines, we view post-acquisition refinancing as an equally important part of the funding mix.

It was a great opportunity to work with Amcomri Group and the management team in providing the funding to enable a very well run and profitable business to secure future growth.

It is also particularly rewarding to help Group businesses maximise the potential of their acquisitions to increase long-term shareholder value.”