Barhale

Adviser to infrastructure firm Barhale in an £11 million refinance to fund its future growth plans

The deal

Civil engineer going for growth after multi-million-pound refinance

We’re pleased to have supported Walsall-based infrastructure firm Barhale in securing an £11 million refinance to fund its future growth plans.

The £140 million turnover civil engineering specialist, which boasts a customer base including Network Rail, Barratt Homes, Transport for London and Yorkshire Water, has agreed a new three-year revolving credit facility with asset-based lending specialist Independent Growth Finance (IGF).

The deal, led by our Debt Advisory team, more than doubles the working capital available to Barhale from its previous lender as it moves to invest for growth and increase its order book.

The contractor employs more than 700 people and has more than 40 years’ experience working in the water, transport, built environment and energy sectors, with a particular specialism in tunnelling.

Recent high-profile projects include works on the Birmingham Eastside Metro extension, the Thames Tideway Tunnel and upgrades to London’s Finsbury Park tube station.

Our Debt Advisory and asset-based lending specialists Dave Edwards and Andrew Dimmock were instrumental in the deal, advising Barhale’s management team to help secure the new facility.

Julian Ripley, CFO at Barhale, said: “It is hard to overstate the significance of securing this funding for our future growth potential. Alongside our direct delivery model and extensive track record delivering some of the UK’s largest civil projects, we now have a solid platform and additional capacity to fuel sustainable growth. There is more than £650 billion of private and public infrastructure investment planned in the UK over the next decade, which presents a huge opportunity for Barhale.

“Dave and Andrew were more than just introducers; their timely support in closing out the legals sets them apart. FRP’s advice and experience have been vital in helping take our business to the next stage.”

Dave Edwards, Debt Advisory Partner at FRP, added: “Barhale is a well-established force in the sector with the scale and expertise to deliver the kind of large civil projects that will help serve communities across the country. This transaction proves the growing appetite for innovative and alternative lending models like ABL in sectors such as construction, where they have not traditionally played but are now offering significant value.”

“We know the marketplace in great detail and have access to a very broad and deep network of trusted lenders with whom we’ve worked many times before.”

Deal summary

Date:

January 2022

Sector:

Industrials & manufacturing

Deal type:

Acquisition Finance and Growth Capital raising

Deal size:

£11 million

This transaction proves the growing appetite for innovative and alternative lending models like ABL in sectors such as construction, where they have not traditionally played but are now offering significant value. Dave Edwards Debt Advisory

Related team

Dave Edwards

Dave Edwards

  • Partner
  • Debt Advisory
  • London

Andrew Dimmock

Andrew Dimmock

  • Partner
  • Debt Advisory
  • London