Abnormal Load Engineering Refinances For Continued Global Growth
26th September – Staffordshire-based Abnormal Load Engineering (ALE), one of the world’s leading transportation and heavy lifting specialists, has secured funding from a lending club of four banks including Royal Bank of Scotland Corporate & Institutional Banking (RBS CIB) to support its on-going international expansion plans.
Founded in 1983, ALE utilises innovative engineering expertise, specialist project management experience and an extensive fleet of assets to provide end-to-end solutions to multiple industry sectors. The firm caters for lifting, transporting, installing, ballasting, jacking and weighing very heavy loads, typically in excess of 300 tonnes. Energy markets, in particular, have become a key client of the group with ALE contracted to transport items such as oil rigs and extraction plants from the original fabrication yards to their end place of operation.
ALE sits at the forefront of its market due to the development of bespoke innovative solutions such as the Mega-Jack system, capable of lifting 60,000 tonnes. In May this year the firm successfully completed the world’s heaviest jack up for Exxon Neftegaz Limited at the shipyard of Daewoo shipbuilding and Marine Engineering Co. Ltd in South Korea. With a final jacking weight of 42,780te, the lift – which used said Mega-Jack system – was the heaviest load ever ‘jacked’ and nearly double the weight of the previous record.
ALE has grown into a truly global company with c. 1000 people worldwide, 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. This has been achieved on the back of acquisitions, innovative capital expenditure and investment in emerging markets.
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.
Malachy McDonnell, group finance director, Abnormal Load Engineering, said: “I appreciate the support of our banking Group. 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.”