Wells Fargo Capital Finance (UK) Limited, part of Wells Fargo & Company, announced that it acted as sole agent on a £34 million refinance to assist in the continued growth of Brandon Hire Limited.
Brandon Hire Limited, a Rutland Partners LLP portfolio company, based in Bristol, is a leading tool and equipment hire company in the UK. Founded in 1971, the company employs approximately 900 people across more than 150 branches throughout England, Scotland and Wales. The company is a national business serving the local market providing a comprehensive range of tools and equipment primarily for use within the repair and maintenance sector of the construction industry as well as the growing events industry.
“We are pleased with the opportunity to work with such a great company and management team,” said Steven Chait, Managing Director and head of EMEA at Wells Fargo Capital Finance. “The asset-based credit facility put in place for this transaction demonstrates the increasing capabilities and financial solutions Wells Fargo Capital Finance can customise for its clients. We fully bought on board the customer service ethos Brandon Hire prides itself on, certainly we understand and relate to this.”
Kajen Mohanadas at Rutland Partners said “We are delighted with the strong progress that Brandon Hire has made since our original investment which has seen the business enhance its position as one of the leading tool and equipment hire companies in the UK. The facility provided by Wells Fargo Capital Finance (UK) Limited gives Brandon Hire greater availability of finance, enabling them to open more new branches and to be able to exploit further growth opportunities. We look forward to continuing our relationship with the team at Brandon Hire and its new financing relationship with Wells Fargo.”
“This transaction is another part of achieving our goals for growth of the business and to meet the demands of a growing industry,” said Tim Smith, Chief Executive Officer of Brandon Hire Limited “The team at Wells Fargo understand our organizational objectives and have provided a great financial package to meet the needs of our business in the future.”
Rutland Partners focuses on businesses headquartered in the UK worth £20-150 million and needing £10 - 50 million of equity. They focus on specific business opportunities rather than any particular sector, although as a rule they normally avoid investments where success is likely to depend on external events rather than controllable actions.