Bain and HSBC refinance LDC's Adler & Allan

The precise amount of the unitranche facility was not disclosed, but unquote" understands it to be less than £100m.

LDC backed the secondary buyout of A&A, a UK-based oil and environmental services business, from Spirit Capital in 2014. The deal saw LDC take a significant minority stake in the company. HSBC provided senior debt to support the transaction.

Spirit Capital, at the time part of Aberdeen Asset Managers Private Equity, invested £8.85m in the management buyout of A&A in June 2007. The deal was supported by a debt package from HSBC. Following Spirit Capital's investment, A&A made a number of bolt-ons, including E&S Environmental Services in 2009 and AJ Bayliss Petroleum Engineers in 2011.

Company
Headquartered in Harrogate and founded in 1926, A&A provides environmental and related asset resilience services. The group comprises the E&S, WES and AJ Bayliss subsidiaries.

According to the most recent publicly available documents, A&A posted a £54.6m turnover in the year to September 2015, with £3bn in operating profit.

People
HSBC – James Scholes (director).
Bain Capital Credit – David Brooks (director).

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