Arbuthnot Commercial ABL supports Statom Group's acquisition of Trident Lifting Solutions

Arbuthnot Commercial Asset Based Lending (ACABL) has supported remediation, groundworks and RC frames contractor, Statom Group’s strategic acquisition of leading tower crane hire specialist, Trident Lifting Solutions (Trident).

ACABL structured a comprehensive funding package, split across receivables financing, a plant and machinery loan and a cash flow loan. This funding support was designed to assist with the day one purchase consideration and address the ongoing working capital needs of the business. The transaction, which was introduced by the Arbuthnot Commercial Construction team, delivered strong headroom on completion.

The £19m-turnover Trident business will become an integral part of the Statom Group, which achieved a revenue of £144m in the financial year 2022/2023. Trident will remain under the guidance of its current directors Chris Conway and Graeme Boyle. The acquisition also incorporates the exclusive UK dealership rights for Comansa Tower Cranes, which range from 8 to 90 tons.

Trident Lifting Solutions (TLS) is a specialist provider to the construction industry, offering tower cranes on both a hire and sale basis as well as providing lifting teams, compliance auditing and lifting accessories.

Commenting on the transaction, Edward Nixon, Chief Financial Officer, Statom Group, said:

“I knew instantly the structure I wanted, aiming to leverage a business with minimal debt relative to its plant and machinery assets. The revolving invoice discounting line provides the flexibility we require to support business growth. Time was critical to meet the vendor’s exclusivity period, and Arbuthnot Commercial ABL quickly executed the deal, handling the complexities of settling with the incumbent financiers. This transaction propels Statom Group to one of the largest operators in the UK, allowing us to capitalise on synergies, including providing centralised support to Trident and harnessing relationships within the existing client bases on both sides of the group.”

Andrew Rutherford, Commercial Director at Arbuthnot Commercial ABL, added:

“We are delighted to have worked with Statom Group and the management team at Trident Lifting Solutions to bring this transaction to fruition. This deal is all about synergy, signifying a highly complementary acquisition that assures significant and lasting advantages for both parties involved. It also highlights effective collaboration within the Arbuthnot Latham Group, creating tailored solutions that go far beyond the conventional one-size-fits-all approach, meeting our client’s distinct and individual needs within the specified timeframe.”

 

Paul Reidy, Director of Banking, Construction said:

“This deal is a great example of our holistic commercial banking and specialist finance proposition. We work with clients across the construction industry to support their day-to-day banking needs. In the Trident deal, we were able to leverage our full capability to support Statom with expansion funding and support at a really exciting time for the company.”

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Registered in England and Wales no. 10915339. Arbuthnot Commercial Asset Based Lending Limited’s registered office is Arbuthnot House, 7 Wilson Street, London, EC2M 2SN. Arbuthnot Commercial Asset Based Lending is not authorised and regulated by the Financial Conduct Authority.

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