The Staffordshire-based firm, which was founded in 1983, specialises in lifting, transporting, installing, ballasting, jacking and weighing very heavy loads, typically in excess of 300 tonnes for a variety of industry sectors. Energy companies have become key clients of the firm, with ALE contracted to transport oil rigs and extraction plants from the construction yards to their end place of operation.
The undisclosed refinance provides the group with a material increase in both revolving credit and bonding facilities to support the continued growth of the business, including further investment in the asset base to support a strong order book. The refinance was completed by the group’s existing banking syndicate, comprising RBS CIB, Barclays, HSBC and Santander.
ALE’s development of bespoke solutions such as the Mega-Jack system, capable of lifting 60,000 tonnes, has made the firm a market leader. In May 2013 it completed the world’s heaviest jack up for Exxon Neftegaz (PDF 278KB) at the Daewoo shipbuilding and Marine Engineering shipyard in South Korea, lifting a final jacking weight of 42,780te.
ALE employs 1000 people worldwide, with offices in 26 countries including UK, Holland, Spain, South Africa, UAE, Iraq, Malaysia, Australia, Brazil, Argentina, USA and Canada. Group revenues have increased by around 100% over the last three years to €261m for the year to March 2013, on the back of acquisitions, capital expenditure and investment in emerging markets.
Malachy McDonnell, group finance director, Abnormal Load Engineering, said he appreciated the support of the banking syndicate:.“The additional liquidity will help us to deliver on our strategic objectives.”
Ben Dawson, director - Structured Finance, Midlands, RBS CIB, said: "The management team at ALE have done an exceptional job. ALE is a global success, capitalising on multiple sector opportunities and promoting their skills in emerging markets.
“RBS are delighted to participate in the new facility suite and look forward to supporting the continued growth of the Group.”