Wilton & Bain and Nu-Heat land backing from Beechbrook Capital
Since its first close in January 2016, Beechbrook Capital's UK SME Credit I fund has invested £77m in 10 companies
Beechbrook Capital has announced investments into two firms from its UK SME Credit I fund, which provides funding for non-private equity-backed UK small businesses.
Wilton & Bain – which helps technology firms across Europe and the US access “outstanding” leadership teams – has received a debt and equity package that will enable its senior management to take partial ownership of the business, and provide growth capital to support international expansion.
Nu-Heat, a supplier of underfloor heating products, has also secured funding in the form of unitranche debt to support the management buyout of the firm. Alongside lead investor Bestport Capital, Nu-Heat's management team plans to accelerate new product development and expand across the UK.
The UK SME Credit I fund has now invested £77m in 10 companies since its first close in January 2016.
Jon Herbert, managing director of the UK SME Credit I fund, commented: “The investments in Nu-Heat and Wilton & Bain are illustrative of the continuing strong demand from high quality UK small businesses for the flexible funding we provide.
“We are very pleased to be able to support both companies, each of which has an impressive management team with ambitious expansion plans.”
Jeremy Mobbs, co-founder of Wilton & Bain, said: “Beechbrook Capital invested the time to understand our business and our objectives in relation to expanding the ownership of the business to include the rest of the senior management team.
“They developed a solution that met all our structuring objectives and helped navigate the transaction to a successful completion.”