February 2nd – 2017
Marlborough Partners, the independent debt advisory firm, is pleased to announce the refinancing of First Milk with a new revolving asset based facility, led by Wells Fargo Capital Finance (UK) (“Wells Fargo”).
The innovative structure refinances First Milk’s historic existing facilities and provides additional working capital to assist the growth and development of the business.
Having completed the turnaround of the business, the new facility reflects the strength of the business through both significantly improved terms, pricing and flexibility within an asset based facility.
The Wells Fargo team was led by Tom Weedall supported by Neil Kerridge and Michelle Titcombe. Susan Kelly and James Wilson, Maclay Murray & Spens were the legal advisers to First Milk and Georgia Quenby and Victoria Thompson, Reed Smith, and Morton Fraser advised Wells Fargo. Hilco Valuation Services provided the due diligence.
Clive Sharpe, Chairman at First Milk, said: “I am delighted with the financing package we now have in place. Through the hard work and support of our advisers and new lender, we are able to reinforce our position as a key partner for Britain’s dairy farmers. The long term facility is aligned to our stable business model to focus on and support our long-standing members.”
Tim Metzgen, Managing Director and head of Corporate debt advice at Marlborough Partners, led this transaction supported by Vijay Gupta. Tim added: “We are delighted to have advised First Milk on an innovative facility that aligns itself with the business’s long term objectives and its position as a leading British dairy co-operative. This facility’s flexible structure and competitive terms reflects the experienced management team and the strong credit strength of the First Milk business.”
Steven Chait, Managing Director and head of EMEA at Wells Fargo Capital Finance said: “We are very pleased with the opportunity to work with such a great company and management team. The asset-based credit facility put in place for this transaction demonstrates the breath of capabilities and financial solutions Wells Fargo Capital Finance can customise for its clients. We are pleased to provide a solid platform for First Milk to continue to provide the highest level of service to its members, customers and suppliers, something we understand and relate to.”
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About First Milk
First Milk is the UK’s only major dairy company, 100% owned by British farmers. It supplies a wide range of dairy products and dairy ingredients to customers in both national and international markets including block cheeses, raw milk, butter, skimmed milk powder & whey proteins. It is headquartered in Glasgow with four manufacturing sites across England, Scotland and Wales.
About Marlborough Partners
Marlborough Partners, based in London and Frankfurt, provides specialist, independent advice to private equity firms, portfolio companies and corporates, on sourcing and structuring debt and other non-equity finance. Since 2003, the Marlborough team has advised on 182 completed transactions – from the simple to the highly complex – comprising €50bn of primary market debt issuance, waivers and amendments and loan restructurings in twelve European jurisdictions and the USA. For further information, visit www.marlboroughpartners.com
About Wells Fargo Capital Finance
A Wells Fargo Company, provides comprehensive asset-based lending to a wide spectrum of companies across the U.K. with credit needs ranging from £10 million upwards. Offices located in London, Birmingham and Manchester, we provide a flexible financing option for companies facing a variety of situations, including: growth, leveraged buyouts, refinancings, restructurings, early and mid-staged turnarounds, mergers and acquisitions.