Leading global supply chain consolidator completes £45 million funding facility to support acquisition of Magal Engineering
LONDON, May 25, 2017– Wells Fargo Capital Finance UK Limited, part of Wells Fargo & Company (NYSE: WFC), announced that it acted as the agent and lead arranger for an asset-based credit facility for Arlington Industries, the automotive and aerospace manufacturing company.
Backed by Cartesian Capital Group, Arlington Industries integrates supply chains across aerospace and automotive markets to deliver greater efficiency to global Original Equipment Manufacturers (OEMs). Wells Fargo worked closely with Arlington, their debt advisor Clearwater and their bank Shawbrook to deliver the senior debt and cash flow facility. The secured loan will be used to fund Arlington Industries’ acquisition of the automotive mechanical engineering firm Magal Engineering Group, and the additional working capital will be used to support the growth of the enlarged £170 million turnover group.
Mark Franckel, Group CEO of Arlington Industries commented: “I’m delighted to continue our strong relationship with Shawbrook and I look forward to working with Wells Fargo. The funding and Magal Engineering Group acquisition allows the Arlington Industries Group to grow its Aerospace and Automotive divisions organically and by further acquisitions in the UK and with Brexit looming, more international growth.”
“Working with Shawbrook and Clearwater, we are delighted to have been able to work with Arlington Industries to provide a bespoke funding facility, which will support their future working capital requirements and growth aspirations,” said Steven Chait, Managing Director and Head of EMEA at Wells Fargo Capital Finance. “This transformative transaction, which underpins Arlington’s expansion, demonstrates the increasing capabilities and financial solutions Wells Fargo Capital Finance offers its UK clients looking to evolve.”