Cheshire-based Gladman Developments has undergone a £100m debt refinancing to support its plans for growth.
Founded by David Gladman in 1987, the company works across commercial property and strategic land promotion. It is approaching 250 employees and revenues of more than £75m.
The deal was funded by clients of Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners. The money will be invested in Gladman’s pipeline of promotions and new Adlington sites.
David Gladman said:
“This funding package enables us to quickly grow both businesses and exploit the opportunities in both sectors.”
Tara Moore, managing director at Guggenheim, said:
“We are delighted to partner with Gladman Developments, a highly respected founder-owned business. This transaction is at the core of our investment strategy which is based on providing long term flexible financing solutions to high quality companies and management teams. This debt financing—taken together with Gladman’s established track record, experienced management team, and strong cash flow—better positions the firm to execute on its growth plans across both the Gladman and Adlington businesses.”
Richard Sanders, partner in Alantra’s UK M&A advisory practice, said:
“We are delighted to have advised Gladman Developments on its debt refinancing from Guggenheim Partners. Gladman is a strong business which has grown rapidly over the last few years and is now well-positioned to implement its future growth plans.”
Andrew Shellard, partner in Alantra’s UK debt advisory practice, added:
“Gladman Developments is an unusual business in traditional debt terms and raising a new debt facility posed some challenges. We were very pleased to have helped the company navigate the increasingly diverse private capital markets and find the right lenders. We secured a £100m facility, which was helped by the combination of a fantastic management team, clearly articulated business plan and strong track record which clearly evidenced the ongoing market opportunity.”