In June 2013 we were approached by Oakfield Capital which was arranging a Management Buy In (MBI) into Freedom Brewery Ltd, one of the UK’s longest established microbrewers of lager. Oakfield were providing equity finance through an EIS fund managed by them and had also arranged substantial loan finance. They asked us whether we could urgently arrange additional Thincats loan finance to stand alongside debt separately sourced.
Speed and confidentiality were important because Oakfield & the MBI team were keen to close the acquisition before the business’ availability became too widely known.
Capital Engine was able to work quickly as we benefitted from the commercial due diligence and structural work already performed by Oakfield, the MBI team and their other advisers. In the event we also had the flexibility to increase the TC loan size to £400,000, when late deal changes meant that more support was needed.
“I have been lending to UK SME businesses through the Thincats website for several months and like the lending opportunities it provides. When my private equity firm, Oakfield, wanted additional debt finance to support our acquisition of the Freedom brewery I was keen to try the platform. We worked with Capital Engine who we found to be fast and constructive. They worked well with the deal team and other advisers and provided the finance that we wanted- on budget and on timetable. We would be pleased to work with them again.”
David Pitman, Partner, Oakfield Capital Partners. August 2013.