Arbuthnot Commercial Asset Based Lending (ACABL) has played a pivotal role in enabling Statom Group, a contractor specialising in remediation, groundworks, and RC frames, to acquire Trident Lifting Solutions, a leading tower crane hire specialist. ACABL crafted a detailed funding package that included receivables financing, a plant and machinery loan, and a cash flow loan. This financial arrangement was structured to cover the initial purchase costs and provide for the ongoing working capital needs of the business. Introduced by the Arbuthnot Commercial Construction team, the transaction concluded with substantial headroom.
The Trident business, which boasts a turnover of £19 million, will integrate into Statom Group, which reported a revenue of £144 million for the financial year 2022/2023. Chris Conway and Graeme Boyle will continue to lead Trident, maintaining continuity in its operations. Notably, the acquisition also includes the exclusive UK dealership rights for Comansa Tower Cranes, which have capacities ranging from 8 to 90 tons. Trident Lifting Solutions offers a variety of services to the construction sector, including the hire and sale of tower cranes, lifting teams, compliance auditing, and lifting accessories.
Edward Nixon, Chief Financial Officer of Statom Group, expressed his satisfaction with the transaction, emphasising the strategic funding structure designed to leverage the business’s assets while maintaining minimal debt. The revolving invoice discounting line provided the necessary flexibility for business growth. Nixon praised Arbuthnot Commercial ABL for their swift execution of the deal within the tight exclusivity period, managing the complexities involved in settling with existing financiers. This acquisition significantly elevates Statom Group’s position, allowing them to capitalise on synergies and centralise support for Trident, enhancing relationships with existing clients across both entities.
Andrew Rutherford, Commercial Director at Arbuthnot Commercial ABL, highlighted the successful collaboration with Statom Group and Trident’s management team, noting the deal’s focus on synergy and mutual benefits. This acquisition showcases the tailored solutions and effective collaboration within the Arbuthnot Latham Group, catering to the unique needs of their clients.
Paul Reidy, Director of Banking, Construction, remarked on the holistic approach of their commercial banking and specialist finance services. He emphasised their capability to support clients in the construction industry, citing the Trident deal as an example of their comprehensive support for Statom’s expansion during this exciting phase for the company.
The acquisition of Trident Lifting Solutions by Statom Group, facilitated by ACABL’s comprehensive funding package, underscores the effective synergy and strategic growth within the construction industry. This collaboration highlights the tailored financial solutions and robust support provided by Arbuthnot Commercial ABL and the broader Arbuthnot Latham Group.
Arbuthnot Banking Group PLC (LON:ARBB), trading as Arbuthnot Latham, provides private and commercial banking products and services in the United Kingdom. Founded in 1833, Arbuthnot Banking is based in London, United Kingdom.
