The deal

Lighting specialist Prime Light is set to enter a new phase of growth after our FRP Corporate Finance team secured a multimillion-pound refinancing package for the business.

Prime Light, based in Willesden, North London, is a distributor of lighting products and components, and supplies sectors including manufacturing, construction, transport, health, retail, sport and defence.

Founded in 1992, it has been backed by London-based Bay Tree Private Equity since 2018.

To support Prime Light’s growth ambitions, our Debt Advisory team, led by Partner Dave Edwards, alongside Partner Nick Grainger and Partner Andrew Dimmock, ran a competitive debt raising process which identified Brighton-based Leumi ABL as the best fit for the business.

The £4 million refinancing will support Prime Light’s ongoing expansion, and enable it to continue to provide cutting-edge, energy efficient solutions for building management.

Dave Edwards, Partner at FRP Corporate Finance, said: “This asset-based lending facility will provide much greater flexibility to Prime Light in its financing arrangements, together with a lower cost of capital.

“The transaction is a strong vindication of the strength of the asset-based lending market and its ability to deliver new capital on terms that are highly favourable to the borrower. Asset-based lending is proving increasingly attractive for funding growth because it’s good value, scalable and accessible. We were pleased to advise Prime Light and Bay Tree Private Equity on securing the flexible financing package that will allow them to deliver on their growth plan.”

Simon Weaver, Chief Financial Officer at Prime Light, said: “This deal represents an important moment for Prime Light as we continue to grow rapidly and build value in the business.

“It will enable us to remain at the forefront of innovation and service in the lighting sector. At the same time, we have some ambitious organic and acquisition-based growth plans, which we can now accelerate. The advice of the FRP Corporate Finance team was exemplary throughout, and we’d like to thank them for their support.”

David Wingfield, Partner at Bay Tree Private Equity, added: “Prime Light is a high-quality business with a blue-chip client and supplier base, and it holds extraordinary potential to capitalise on the rapid movement towards more intelligent, efficient lighting systems.

“This funding marks the start of a new phase for Prime Light as it moves to consolidate and grow its market-leading position in a fast-growth industry.”