Praetura Commercial Finance supports MBO and growth funding for offshore specialist



Client: CRP Subsea
Service: Confidential Invoice Discounting, Property and Plant & Machinery Term Loans
Outcome: MBO and Group Demerger

The Challenge

Trelleborg Offshore UK designs and manufactures class-leading subsea buoyancy and bend protection solutions for the oil and gas and offshore renewables sectors.The executive team at Trelleborg Offshore UK has embarked on a management buyout (MBO) of the Skelmersdale-based business from Swedish listed parent company, Trelleborg Group.

The Solution

Praetura Commercial Finance structured an asset-based lending facility, comprising a confidential invoice discounting line, together with a property loan and plant & machinery term loan.

This will be used to support the share purchase consideration for the management buyout and will provide on-going working capital headroom for the business moving forward.

The Transformation

New owners, Alan Burgess and John Drury, expect that the buyout will renew focus and improve performance for its key customers in the oil and gas and offshore renewables sectors. In a nod to its pre-Trelleborg roots, the new business will be re-named CRP Subsea Limited.

John Drury commented: “The MBO is an exciting opportunity for us to build on our reputation with an absolute focus on our core products and our growth will come from the sustainable provision of service excellence to our customers. Everyone involved in this transaction was aligned with the same goal and I would certainly include Praetura Commercial Finance in this as our funding partners. With Praetura, it was never just about the numbers. They looked to understand our culture, outlook, business model and the complexities of our products, customers and regions. The sense we got from working with Praetura Commercial Finance throughout the process was their relationship-driven approach and that personal touch comes across in everything they do.”

Stuart Bates, Co-Founder at Praetura Commercial Finance, said: “We are delighted to have completed this complex MBO transaction to support Alan and John with the working capital to drive success. CRP Subsea’s highly experienced management team has a true entrepreneurial spirit with a clear vision for growth and we very much look forward to working with them in the future.”