Debt Advisory

Airedale Catering Equipment Group

Adviser to Airedale Catering Equipment Group, and PE investor Rubicon Partners on the refinancing of the group.

The deal

Our Debt Advisory team has advised Airedale Catering Equipment Group Limited (Airedale) on the refinancing of the group, to support its continuing buy-and-build strategy.

Founded in 1985, and headquartered in Bradford, West Yorkshire, Airedale provides a fully integrated end-to-end solution including design, supply, manufacture, and installation of professional kitchens plus continuing service and maintenance. Airedale has expanded rapidly via acquisition over the last five years following private equity investment and is now the UK’s largest independent service and maintenance provider to the commercial kitchen market with over 600 employees including more than 200 engineers.

The FRP Corporate Finance Debt Advisory team were appointed as exclusive debt adviser by private equity investor Rubicon Partners and the Airedale management team, to support a long-term refinancing of the group.

The team supported management in the development of concise, debt briefing materials – positioning they key strengths of the group, its tech-enabled capabilities, while also highlighting the defensibility of the business and its compelling growth opportunity as the leading sector consolidator, to potential lenders. Working closely with the CEO, Managing Director, and CFO, the team supported delivery of management presentations while establishing a suitable bank financing case for the deal alongside detailed covenant modelling.

The team subsequently negotiated term sheets with potential lending partners and ultimately secured a highly efficient, long-term financing solution provided by Apera Asset Management, alongside working capital facilities provided by HSBC, which delivered on all the key commercial requirements of the group.

As a result of the refinancing, Airedale was able to execute on the value accretive bolt-on acquisition of Sprint Group within six weeks of closing and will continue to review strategic acquisition opportunities to further strengthen the groups’ position as the UK’s market leading service and maintenance provider to the commercial kitchen market over the coming years.

Tom Cox, Partner at FRP Corporate Finance, said: “We have a strong relationship with Rubicon Partners, having advised them on several transactions, and were pleased to work with them on the refinancing of Airedale. The Group now has the financing structure in place to support the management team as they progress their continuing buy-and-build strategy and we look forward to seeing the business continue to thrive. “

Rob Bywell CEO of Airedale Catering Equipment Group, said: “Airedale continues to go from strength-to-strength, supported by a best-in-class engineering team and senior management group. We are delighted to be working with Apera Asset Management on delivering the next phase of our ambitious growth plan, while continuing to deliver exceptional service to our clients in the coming years.”

Deal summary


January 2023


Industrials & Manufacturing

Deal type:


Deal size:


The team was able to secure a flexible, long-term debt financing solution which delivered on all key commercial requirements. Tom Cox Debt Advisory

Related team

Tom Cox

Tom Cox

  • Partner
  • Debt Advisory
  • London West End