Rutland’s AFI in £70m refinancing

The refinancing included a £55m asset-backed lending facility alongside a £15m term loan. The fresh funds will be used to accelerate the company's growth plans in the UK and the Middle East.

Rutland first backed the company in May 2013, in a deal that saw the merger of AFI and Hi-Reach in the UK with Access Rental Gulf in the Middle East, in a transaction worth £85m, from previous backers Equistone Partners Europe. The initial deal was supported by a £50m five-year revolving asset-based lending facility from GE Capital, according to unquote" data.

For 2014 the company generated revenues of £55m and EBITDA of £19m.

Company
Founded in May 2002, AFI supplies powered access equipment for rent and sale, as well as related training courses. The business operates a fleet of 5,000 aerial work platforms from 25 depots in the UK and the Middle East.

People
David Shipman is the executive chair of AFI. Oliver Jones is a partner at Rutland. Paul Beveridge is UK managing director of PNC.

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• Topics
• Restructuring
• UK / Ireland
• Industrials
• Rutland Partners
• Refinancing