Arbuthnot Commercial ABL completes £7m refinance deal with Procam Take 2
Digital cinematography and motion picture equipment hire company Procam Take 2 has secured a £7m refinance facility from Arbuthnot Commercial Asset Based Lending (ABL) to generate ongoing working capital for new projects, in addition to further CapEx investment in equipment to fulfil demand as the business grows.
The complete facility comprised of an invoice discounting line, a plant and machinery revolver and a Coronavirus Business Interruption Loan Scheme (CBILS) term loan.
BTG Debt Advisory ran a competitive process and Arbuthnot Commercial ABL was selected to complete the transaction.
Procam Take 2 required recapitalisation due to the impact of the COVID-related industry shutdown.
London-based private equity investment firm, Inspirit Capital partnered with the management team to purchase the business in September 2020 and recapitalise the balance sheet, leaving it positioned to take advantage of long-term sector dynamics.
Will Stamp, partner at Inspirit Capital, said: “What was great about Arbuthnot Commercial ABL on this deal was their commercial and transparent approach, as well as their ability to look at the long-term opportunities for the business.
“They got to grips with the dynamics of the sector very quickly and structured a deal to match the company’s requirements.
“Their ability to work to a very accelerated timeframe also stood out. As always, deliverability is key and Arbuthnot Commercial ABL did exactly what they said they would.”
Stamp added: “This was a complex deal and would not have suited every asset-based lender.
“The transaction involved multiple stakeholders, including numerous Hire Purchase companies, as well as an asset mix geared towards P&M, rather than receivables.
“With the new working capital line from Arbuthnot Commercial ABL, Procam Take 2 is ideally placed to take advantage of the organic and inorganic opportunities that will arise in the future.”
Andrew Rutherford, commercial director at Arbuthnot Commercial ABL, said: “Procam Take 2 is a leading operator in a growing and exciting market and is poised to benefit from the unprecedented pent up demand for content from Netflix, Amazon and Apple as we prepare to emerge from lockdown.
“The majority of UK studio space has already been fully booked for 2021 and the future looks extremely bright.
“We were delighted to have the opportunity to work with Will and the team at Inspirit Capital on this transaction.”