PMD arranges £4.1m funding for tanker group acquisition
Universal Tanker Group has acquired Waters Waste Services, fuelled by a £4.1m funding deal arranged by PMD Business Finance.
The deal released additional funding to acquire the business, together with valuable ongoing working capital to enable the group to meet its growth aspirations.
Simon Gunn, managing director of Universal Tanker Group, said: “This acquisition is the business opportunity of a lifetime, a real game-changer. It is exactly what we needed for the business and will dramatically expand the group’s national reach and presence. PMD have supported us for many years and trusted them to deliver the right funding solution and they’ve certainly delivered.”
Peter Dobson, Managing Director of PMD Business Finance, said: “We have a long established working relationship with Simon and Toby Gunn, having sourced finance for a number of tankers and plant for the business. For this acquisition, we knew their funding requirement was more than just a conventional refinance deal. We managed to arrange the whole £4.1m with just one funder who provided £1.5m of refinance, £2m of invoice discounting and £600k unsecured loan.
The client was delighted with the flexibility provided, speed of delivery and competitive terms.