GE Capital has entered into a £200 million ($311 million) long term financing commitment with Briggs Equipment, an independent forklift truck distributor in the UK.
GE Capital led and arranged the syndicated ABL transaction, which enables Briggs to further develop its bespoke service offering to customers in the UK.
Briggs holds approximately 10% of the UK forklift market and is directly owned by Briggs UK Holdings and ultimately by privately held US company, Sammons Enterprises. Sammons employs more than 4,000 people globally with assets of more than $70 billion.
“We are pleased to have been mandated by Briggs to deliver this syndicated facility for the business and are excited to work with the Briggs team in facilitating delivery of their growth aspirations,” said Adam Johnson, managing director, Corporate Structured Finance, GE Capital UK. “GE Capital UK has been delivering innovative Asset Based Lending solutions to its clients for over 16 years and it is testament to our team and the relationships forged with our ABL partners that we have been able to deliver a transaction of this nature for the business”.
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