Cromwell, the UK-based distributor of maintenance, repair and operations (MRO) products, has secured a £60m asset-based lending facility from Secure Trust Bank Commercial Finance (STB CF) to support its separation from US-listed Grainger.
The funding underpins Cromwell’s carve-out and will support accelerated growth under the new ownership of global private equity firm Aurelius.
The facility provides working capital headroom to establish Cromwell as a standalone business while funding transformation and operational improvement initiatives.
Headquartered in Leicester, Cromwell generates revenues of more than £260m and supplies branded and own-brand tools, safety products, PPE, cutting equipment and industrial consumables to customers across manufacturing, aerospace, transport and engineering sectors.
Founded in 1970, the business operates a network of UK and international branches and distribution hubs, alongside industry-leading on-site vending solutions within customer facilities.
NEW CHAPTER
Jason Steward, chief financial officer at Cromwell, says: “Becoming an independent business backed by Aurelius marks a new chapter for us.
“With this facility in place, we’re able to operate with real clarity and invest in the transformation programmes that will strengthen our commercial offering, sharpen our operations and support the thousands of businesses that rely on us every day.”
CLASSIC TRANSACTION
Marc Finer, principal debt financing and capital markets at Aurelius, adds: “Cromwell is a classic Aurelius transaction – a carve-out of a sizeable business with strong fundamentals and clear potential for operational improvement.
“Secure Trust Bank quickly understood what mattered in this situation. Their flexibility, alignment to our objectives and speed of execution made them stand out in a competitive process and we had real confidence they could deliver to timetable.”
MAKING A DIFFERENCE
Matt Broomfield, regional sales director at Secure Trust Bank Commercial Finance, says: “Cromwell is the type of business where asset-based lending can make a material difference, enabling a smooth separation while providing the liquidity and runway needed to deliver operational change.
“We’re proud to support Aurelius once again on a carve-out and look forward to seeing Cromwell thrive as a standalone business.
“Our team specialises in unlocking value in complex situations, and we are excited to play a part in this next chapter.”
