Bank of Ireland Corporate Banking Ireland, in conjunction with Burdale Financial Ltd ("Burdale"), a member of the Bank of Ireland Group, has completed a landmark deal providing acquisition debt and working capital facilities to fund the Management Buyout of the Glanbia Meats division from Glanbia Plc.
An Asset Based Lending package ("ABL") was provided through Burdale to Rosderra Meats, a Newco set-up by the management team, to fund both the acquisition and the on-going working capital requirements. The day-to-day banking services were provided by a dedicated Portfolio management team within Corporate Banking Ireland.
Burdale has extensive expertise and a proven track record in providing complex ABL facilities, throughout the UK, Europe and the US, a financing product based on companies’ assets. ABL is senior debt provided and secured against all the assets of a business in a single structured funding package. The funding is particularly suited to asset-rich businesses with high or seasonal working capital requirements and in these instances is often able to provide more finance with fewer covenants than conventional lenders. Each facility is bespoke and individually tailored to the business’s specific requirements. Burdale’s clients include a number of well-known names such as Woolworths Plc, MFI, Hertz Rental and Jarvis Plc as well as a number of smaller owner-managed businesses.
