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Gordon Brothers Supports Modus Subsea Services Limited with Term Loan

April 06, 2023, 07:03 AM
By
Topic: Industry News

Gordon Brothers supported Modus Subsea Services Limited (Modus) with a £5 million term loan.
 
Modus, a pioneer in the use of Underwater Intervention Drones to automate and decarbonize subsea inspection, maintenance and repair services, has used the loan for refinancing with existing lenders and to assist in developing best-in-class solutions for clients globally.
 
“We’re delighted to support Modus with a financing package that has provided the headroom to continue building out their market-leading development solutions,” said Nick Kitchin, Managing Director, Capital at Gordon Brothers. “Our firm has extensive knowledge of highly specialised equipment and the ability to provide value against it to offer clients a tailored liquidity solution.”

“Gordon Brothers was quick, friendly and pragmatic and partnered with our team to deliver a tailored financing solution that has been very welcome,” said Charles Tompkins, Chairman and majority shareholder of Modus.

Gordon Brothers provides both short- and long-term capital to clients undergoing transformation. The firm lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services.

Gordon Brothers partners with management teams, private equity sponsors, strategic buyers and asset-based lenders globally to provide its expertise and additional capital in special situations. The firm’s tailor-made solutions provide clients additional capital alongside traditional debt and equity, and its structures complement senior asset-based lending facilities and include credit and yield enhancements.

Gordon Brothers was advised by Pinsent Masons. Modus was advised by Interpath Advisory and Eversheds Sutherland.

For more asset-based lending industry news, visit ABL Advisor.

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