The deal

FRP has identified and secured a new debt structure and lender for technical recruitment solutions market leader ERSG Holdings Limited, enabling the company to significantly expand its global operations.
ERSG has chosen Brighton-based asset-based lending (ABL) specialists Leumi ABL as its preferred financing partner, following a tight refinancing process run by FRP’s Debt Advisory team.

ERSG supplies recruitment solutions to most of the blue chip operators in the rapidly developing renewable energy sector, and recent investment in its global operating platform delivered substantial revenue growth in core locations in the UK, USA, the Netherlands, Germany and Taiwan.

But to fully capitalise on its market-leading position and strong customer relationships, the company needed a strategic realignment of its working capital facilities.
Having worked with FRP previously, and with its banking facilities due for renewal, the ERSG Board challenged our Debt Advisory team (led by Partner Nick Grainger) to run a competitive refinancing process to find a lender who could provide an integrated, flexible and international financing solution that maximised working capital availability.

Following a review of the core collateral and financial data, the team quickly identified a bespoke ABL financing package that would deliver the additional working capital required.
Our team then ran a tight refinancing process to identify lenders who could meet or exceed ERSG’s needs, with the company selecting Leumi ABL as its preferred financing partner, capable of delivering the greatest working capital availability with the most efficient cost of capital.

FRP then advised ERSG during the legal documentation stage, and through to the completion of the refinancing.