Praetura supported Adroit Utilities with a £1.4m facility, consisting of a cash flow term loan and confidential invoice discounting. The facility helped Fidelis Group acquire Adroit Utilities.

The Challenge

Adroit Utilities Limited (“Adroit”) is a utilities infrastructure provider deploying its services mainly within the gas network space for both commercial and domestic customers. Customers are blue-chip in nature and are all domestic with the ultimate client being the MOD. Services include gas connections, disconnections, network design and meter reading among other things. The Company is one of the UK’s leading Utility Infrastructure Providers (UIPs), accredited under the Lloyd’s Gas Industry Regulation Scheme (GIRS), enabling it to carry out these types of works nationally. In addition, it holds various ISO certifications. Fidelis Group wished to make a strategic acquisition of Adroit with the two founders and shareholders being retained.

The Solution

Fidelis Group are experienced in making corporate acquisitions and have complimentary portfolio assets that will present synergies with Adroit. The transaction was funded via an invoice finance line and a cashflow loan facility, further supported by cash in the business.

PCF funded the buyout and undertook all financial due diligence with Kay Johnson Gee, legals were by Bermans.

The Transformation

The Fidelis group successfully acquired Adroit with a robust oversight of the company’s accounts, forecasts, risks and opportunities.

Stuart Bates, Commercial Director of Praetura Commercial Finance, said: “It was great working with the team at Fidelis and Adroit. Having built their business from the ground up, it was a privilege to play a part in this real entrepreneurial success story for the two founders. With the clear synergies across the Fidelis portfolio, this transaction promises an exciting next chapter for Adroit.”