Addleshaw Goddard were pleased to act for National Timber Group in relation to the refinancing of its senior debt facilities.
National Timber Group, a leading UK timber distribution and processing business owned by Cairngorm Capital, have entered into a new Term Loan B facility with Pricoa Funds with super senior revolving credit facilities provided by Santander. The bespoke funding package also includes an acquisition facility which will provide the Group with further funding for growth.
AG have supported this Cairngorm Capital investment since its original acquisition of Thornbridge Timber in 2017. Since that transaction the Group have made a number of acquisitions which have given it full nationwide coverage with over 1,300 employees and 68 processing and distribution sites.
AG advised the Group in relation to the refinancing led by finance partner Euan Cluness. Euan was assisted by Peter Smartt, Daniel Zakrewski and Iona Gattenby.
Euan said "We fully understood the significance of this refinancing transaction for National Timber Group as we've supported them since their original acquisition by Cairngorm Capital. It has been great to see the way in which the business has grown both through acquisitions and organically to the current position where its turnover is in excess of £350m. The funding package which we have helped put in place gives the Group the flexibility and firepower to facilitate further growth."
National Timber Group were delighted to secure the new funding, Josh Chilton, Investment Manager at Cairngorm Capital said:
"We were delighted that Addleshaw Goddard were able to support us once again on another important transaction for National Timber Group. We particularly appreciated their pragmatism, thoroughness, and willingness to do whatever was required to get the deal over the line."