MDW Capital defies the CV19 crisis to complete its third deal in July
MDW Capital (“MDW”) is delighted to announce the completion of its third financing in July. MDW advised Grant & Stone, the leading builders, electrical and plumbing merchants focused on the repairs, maintenance and improvement sector and based in the Thames Valley.
The financing was arranged after funds managed by Cairngorm Capital Partners (“Cairngorm”) acquired Grant & Stone in an all-equity deal in November 2019. Cairngorm and Grant & Stone engaged MDW on the basis of the firm’s business-focused approach allied to its significant experience in the building products sector.
In common with MDW’s other recently completed deals, the firm launched this financing process before the global CV19 crisis that led to the UK lockdown. Again, MDW successfully managed the debt raise process. Grant & Stone’s new facilities see the group refinancing Cairngorm’s equity bridge and the transaction fees, as well as securing substantial committed acquisition facilities. Cairngorm’s strategic focus on buy and build investment strategies means having a war chest available to draw on is critical for the firm to complete add-ons with speed and certainty.
Alex Bayliss, Cairngorm Managing Director, commented “we have worked with MDW before and yet again they have delivered a fantastic debt facility within a specific timetable. This time, of course, they did so against the backdrop of the most severe global crisis. Their approach, commercial acumen and tenacity alongside their ability to think as we do means we can rely on them as a core, and highly effective, specialist partner for our deal teams. This creates huge efficiencies and helps achieve a significantly better outcome for our portfolio companies.”
David Culpan, Managing Partner at MDW, remarked “this is the third deal we have completed across Europe during the CV19 crisis. In these uncertain times, understanding the basics such as market appetite is not enough. The ability to articulate a borrower’s story so that sets out the investment strategy and addresses the areas of key lender focus and risk is critical to how we deliver a financing opportunity to lenders. This allows us to secure the flexible financing facilities our clients seek and maximise completion certainty.”