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Asset-based and cashflow lending

Delivering certainty to transactions.

Team listening to a presentation

Our unique ability to provide structured term lending on top of asset-based lending (“ABL”) allows borrowers to enjoy the working capital and cost benefits of ABL alongside a full-suite of term lending solutions. This hybrid offering is delivered from one team and enables us to deliver certainty for growth acquisitions, refinancing and wealth realisation to our Private Equity and Owner-managed clients. We are also able to provide ABL structures in isolation.


 

Our solutions
Asset-based revolvers

Against receivables, inventory, plant and machinery and property are non-amortising and fund working capital seasonality, as well as core acquisition debt.

 

Term loans

Typical leverage between 1-3x on top of ABL facilities with the ability to structure amortising and bullet repayment profiles. Committed and Uncommitted acquisition/capex lines can be provided as required.

Up to c£/€60m on a bilateral basis

With underwriting and distributing capabilities for high quantums. 

Geography & business size

We support businesses making £/€3m EBITDA across the UK, Irish and Benelux markets and we have offices in London and Amsterdam.

Supporting private equity-backed and owner-managed businesses

Proven track-record of structuring and delivering solutions for private equity and owner-managed businesses.

Benefits to your business

Flexibilty

Flexibilty

Asset-based revolvers are the most effective aspect of ABL and allow businesses to maximise revolving funding availability for working capital, capex, acquisitions and debt service (interest and capital). This allows for absorption of operating cashflow blips and seasonality. Permanent leverage is often generated via these revolvers – no cleandown required.

 

Single team

Single team

We deliver transactions as a single, empowered unit. Deal team members remain the same throughout our partnership with sponsors and management teams.

 

Higher relative quantum of debt

Higher relative quantum of debt

For relevant businesses when compared to either a pure senior, or asset-based lending approach, on a standalone basis.

 

Lower blended cost of debt

Lower blended cost of debt

A lower blended cost of core debt can be achieved by blending lower priced ABL debt with term debt.

Sector specialism

Sector specialism

Our team bring expertise in a range of sectors, including:

  • Chemicals
  • Food & Drink
  • Manufacturing & Engineering
  • Print & Packaging
  • Recruitment & B2B Services
  • Transport & Logistics
  • Wholesale distribution

Selected asset-based & cashflow lending deals:

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Meet the team

Origination

James Cullen

James Cullen

Head of Asset-based Lending, Direct Lending

James Cullen

Head of Asset-based Lending, Direct Lending

I joined Investec in 2006 to help build and launch our blended asset based and cashflow offering. Before this I spent 17 years with Lloyds Commercial Finance, in various roles, culminating in running the Southern half of the business. During My time there, I was instrumental in pioneering the use of ABL structures in UK M&A transactions.

Nicholas Buxton

Nicholas Buxton

Direct Lending

Nicholas Buxton

Direct Lending

My focus at Investec is on deal origination, structuring and execution of blended Asset Based & Cashflow lending transactions for growth companies, partnering directly with management teams, entrepreneurs and private equity sponsors. Deals I have worked on at Investec include NFT Distribution, Flamingo Horticulture, Freshpak Chilled Foods, Hanmere Polythene and Downton Logistics.

Danielle Van Den Elshout

Danielle Van Den Elshout

Direct Lending

Danielle Van Den Elshout

Direct Lending

With over 20 years’ experience in the banking industry, I joined Investec in January 2024. I have direct responsibilities for the origination, structuring and execution of Integrated Asset Based & Cash flow lending transactions in The Benelux both for financial sponsors and (mid) corporate clients, which enables Investec to deliver certainty for growth, acquisitions, refinancing and wealth realisation. Prior to joining Investec I worked for ING Bank in Amsterdam where I undertook a variety of roles within Working Capital Solutions, Corporate Banking, Restructuring and Credit Risk Management.  I hold a Master in Business Administration from Maastricht University, The Netherlands.

Chris Lamb

Chris Lamb

Direct Lending

Chris Lamb

Direct Lending

I joined Investec in March 2014, originally into the Private Bank Finance team, and subsequently moved into the Growth and Acquisition Finance team in November 2015. Prior to this I qualified as a Chartered Accountant with E&Y in the financial services division and more recently worked at Barclays in the capital markets division of the investment bank.

Alex Hewitt

Alex Hewitt

Direct Lending

Alex Hewitt

Direct Lending

Having joined from HSBC, my focus at Investec is on deal origination, structuring and execution of blended Asset Based & Cash Flow lending transactions for growth companies, partnering directly with management teams, entrepreneurs and private equity sponsors.

Chris Chatoor

Chris Chatoor

Direct Lending

Chris Chatoor

Direct Lending

I joined at Investec in October 2023 and am responsible for analysis and execution of asset-based and cashflow lending opportunities. Prior to joining Investec, I worked in Growth and Origination Finance for National Australia Bank in Melbourne.

James Cullen

James Cullen

Head of Asset-based Lending, Direct Lending

James Cullen

Head of Asset-based Lending, Direct Lending

I joined Investec in 2006 to help build and launch our blended asset based and cashflow offering. Before this I spent 17 years with Lloyds Commercial Finance, in various roles, culminating in running the Southern half of the business. During My time there, I was instrumental in pioneering the use of ABL structures in UK M&A transactions.

Nicholas Buxton

Nicholas Buxton

Direct Lending

Nicholas Buxton

Direct Lending

My focus at Investec is on deal origination, structuring and execution of blended Asset Based & Cashflow lending transactions for growth companies, partnering directly with management teams, entrepreneurs and private equity sponsors. Deals I have worked on at Investec include NFT Distribution, Flamingo Horticulture, Freshpak Chilled Foods, Hanmere Polythene and Downton Logistics.

Danielle Van Den Elshout

Danielle Van Den Elshout

Direct Lending

Danielle Van Den Elshout

Direct Lending

With over 20 years’ experience in the banking industry, I joined Investec in January 2024. I have direct responsibilities for the origination, structuring and execution of Integrated Asset Based & Cash flow lending transactions in The Benelux both for financial sponsors and (mid) corporate clients, which enables Investec to deliver certainty for growth, acquisitions, refinancing and wealth realisation. Prior to joining Investec I worked for ING Bank in Amsterdam where I undertook a variety of roles within Working Capital Solutions, Corporate Banking, Restructuring and Credit Risk Management.  I hold a Master in Business Administration from Maastricht University, The Netherlands.

Chris Lamb

Chris Lamb

Direct Lending

Chris Lamb

Direct Lending

I joined Investec in March 2014, originally into the Private Bank Finance team, and subsequently moved into the Growth and Acquisition Finance team in November 2015. Prior to this I qualified as a Chartered Accountant with E&Y in the financial services division and more recently worked at Barclays in the capital markets division of the investment bank.

Alex Hewitt

Alex Hewitt

Direct Lending

Alex Hewitt

Direct Lending

Having joined from HSBC, my focus at Investec is on deal origination, structuring and execution of blended Asset Based & Cash Flow lending transactions for growth companies, partnering directly with management teams, entrepreneurs and private equity sponsors.

Chris Chatoor

Chris Chatoor

Direct Lending

Chris Chatoor

Direct Lending

I joined at Investec in October 2023 and am responsible for analysis and execution of asset-based and cashflow lending opportunities. Prior to joining Investec, I worked in Growth and Origination Finance for National Australia Bank in Melbourne.

Portfolio

Ben Mills

Ben Mills

Direct Lending

Ben Mills

Direct Lending

I joined Investec in 2007. Prior to this I qualified as a Chartered Accountant with BDO Stoy Hayward within their Transaction Services team.

Warren King

Warren King

Direct Lending

Warren King

Direct Lending

I joined Investec in 2005 and first worked in Internal Audit followed by the Private Bank Treasury team. I joined the Growth and Acquisition Finance Team in 2011. My focus is on due diligence and portfolio management.

Hannah O'Leary

Hannah O'Leary

Direct Lending

Hannah O'Leary

Direct Lending

As part of the portfolio team, I work closely with clients in the operation of their facilities. I focus on the day-to-day monitoring of risk and the resolution of client queries.

Laura Hall

Laura Hall

Direct Lending

Laura Hall

Direct Lending

My focus is on portfolio management of existing clients with an asset-based & cashflow lending structure. Prior to joining Investec, I worked in audit qualifying as a Chartered Accountant.

Sumesh Nair

Sumesh Nair

Direct Lending

Sumesh Nair

Direct Lending

I am a member of the ABL team based in Mumbai, where I support portfolio management for both existing and new clients. My focus is on the day-to-day monitoring of risk and resolving client issues. I joined Investec in August 2024 and bring over 14 years of experience in credit analysis, credit risk, and corporate banking. I hold a Master's degree in Financial Management from the Jamnalal Bajaj Institute of Management Studies (JBIMS).

Kiran Patil

Kiran Patil

Direct Lending

Nikki Zidel

Nikki Zidel

Direct Lending

Nikki Zidel

Direct Lending

I have been part of the Investec Group since 2018, qualifying as a Chartered Accountant in 2020. My experience covers various forms of structured lending. As part of the portfolio management team, I look after existing clients with an asset-based & cashflow lending solution.

Ben Mills

Ben Mills

Direct Lending

Ben Mills

Direct Lending

I joined Investec in 2007. Prior to this I qualified as a Chartered Accountant with BDO Stoy Hayward within their Transaction Services team.

Warren King

Warren King

Direct Lending

Warren King

Direct Lending

I joined Investec in 2005 and first worked in Internal Audit followed by the Private Bank Treasury team. I joined the Growth and Acquisition Finance Team in 2011. My focus is on due diligence and portfolio management.

Hannah O'Leary

Hannah O'Leary

Direct Lending

Hannah O'Leary

Direct Lending

As part of the portfolio team, I work closely with clients in the operation of their facilities. I focus on the day-to-day monitoring of risk and the resolution of client queries.

Laura Hall

Laura Hall

Direct Lending

Laura Hall

Direct Lending

My focus is on portfolio management of existing clients with an asset-based & cashflow lending structure. Prior to joining Investec, I worked in audit qualifying as a Chartered Accountant.

Sumesh Nair

Sumesh Nair

Direct Lending

Sumesh Nair

Direct Lending

I am a member of the ABL team based in Mumbai, where I support portfolio management for both existing and new clients. My focus is on the day-to-day monitoring of risk and resolving client issues. I joined Investec in August 2024 and bring over 14 years of experience in credit analysis, credit risk, and corporate banking. I hold a Master's degree in Financial Management from the Jamnalal Bajaj Institute of Management Studies (JBIMS).

Kiran Patil

Kiran Patil

Direct Lending

Nikki Zidel

Nikki Zidel

Direct Lending

Nikki Zidel

Direct Lending

I have been part of the Investec Group since 2018, qualifying as a Chartered Accountant in 2020. My experience covers various forms of structured lending. As part of the portfolio management team, I look after existing clients with an asset-based & cashflow lending solution.

Private equity insights and expertise

We keep earning our stripes

Debtwire Direct Lending awards 2025
Debtwire Direct Lending awards

European Small-Cap Direct Lending Manager of the Year

2025

2023 Fund Financing Lender of the Year award from The Drawdown Awards
The Drawdown Awards

Fund Financing Lender of the Year

2023

Lender of the Year, Private Equity Awards 2023
Private Equity Awards

Lender of the Year - Bank

2023

Private Equity Wire European Awards Best Fund Financing Solution of the year 2022
Private Equity Wire European Awards

Best Fund Financing Solution of the Year

2022

Fund Financing Provider of the Year
The Drawdown Awards

Fund Financing Provider of the Year

2022

Lender of the Year, Private Equity Awards 2022
Private Equity Awards

Lender of the Year

2022

Fund Financing Provider of the year, The Drawdown Awards 2021
Drawdown Awards

Fund Finance Provider of the Year

2021

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