From GE:

GE Capital provides major lift to Briggs Equipment UK

July 20, 2015

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£200million ABL financing acts as an enabler for the growth aspirations of Briggs in the UK

London 20 July, 2015: GE Capital today announces that it has entered into a £200million long term financing commitment with Briggs Equipment UK Limited (“Briggs”), the UK’s largest independent forklift truck distributor. GE Capital led and arranged this syndicated ABL transaction, tailored to support both the working capital needs and growth aspirations of the business. Importantly this new financing enables Briggs to further develop its bespoke service offering to customers in the UK.

 A national service provider, with headquarters in Cannock, Staffordshire, Briggs holds approximately 10% of the UK forklift market. Directly owned by Briggs UK Holdings Inc. and ultimately by privately held US company, Sammons Enterprises Inc. (Sammons). Sammons globally employs more than 4,000 people with assets of over $70billion.

 The GE Capital ABL team underwrote and structured an innovative ABL solution, tailor-made to the requirements of Briggs and the unique nature of their business model. GE introduced new banking relationships to Briggs and working alongside existing banking partners; ABN Amro, Lloyds Bank, PNC Business Credit, Royal Bank of Scotland and Wells Fargo Capital Finance (UK) Limited, cemented a strong financial partner group to support the future growth and development aspirations of the business.

 Adam Johnson, Managing Director, Corporate Structured Finance, GE Capital UK, said:  “We are pleased to have been mandated by Briggs to deliver this syndicated facility for the business and are excited to work with the Briggs team in facilitating delivery of their growth aspirations. GE Capital UK has been delivering innovative Asset Based Lending solutions to its clients for over 18 years and it is testament to our team and the relationships forged with our ABL partners that we have been able to deliver a transaction of this nature for the business”.

 Peter Jones, CFO, Briggs Equipment UK, said: “The professional and consistent approach by the GE Capital team met all of our expectations, from initial engagement, comprehensive understanding of our business model and assets and broadening of our banking relationships, through to delivery of the facility requested.  The funding solution led by GE Capital will enable us to meet the growth aspirations for our business alongside working capital requirements and we look forward to working with the GE Capital team and the strong banking partner group for many years to come”.

 Squire Patton Boggs advised GE and the bank group, with Pinsent Masons advising Briggs.