News Release | January 28, 2020
Wells Fargo Capital Finance supports Acorn Growth Companies’ acquisition of Aerospares 2000
Financing solution will support Aerospares’ growth and U.S. expansion
LONDON – January 28, 2020 – Wells Fargo Capital Finance (UK) Limited, part of Wells Fargo & Company (NYSE: WFC), announced today that it worked with Bridgepoint Credit to provide Acorn Growth Companies ("Acorn" or "AGC") with a funding package to support their acquisition of Aerospares 2000 Ltd , ("Aerospares"), a supplier of aftermarket parts to the commercial aviation industry.
Wells Fargo facilitated an Asset Based Lending revolver alongside a term loan provided by Bridgepoint Credit, a leading provider of private debt to European mid-market businesses. This funding package has been used by Acorn Growth Companies – a private equity firm focused exclusively on aerospace, defense and intelligence – to support the acquisition of a majority interest in Aerospares.
As well as supporting the working capital and growth financing needs of Aerospares post-acquisition, the financing solution will also drive Aerospares' expansion into Europe and the U.S.A. Adam Nemenyi, Aerospares' founder, will remain Managing Director and retain a significant ownership position in the Company.
"Founded at the turn of the millennium, Aerospares has established itself as a market leader in supporting its broad customer base of some of the world's largest airlines, MROs, OEMs and aftermarket suppliers," Nemenyi said. "Having recently moved into a spacious, state-of-the-art facility, we are excited to team-up with an exceptional partner such as AGC, which brings an unmatched network and reputation. Together, we believe we can expand our business and offer enhanced support to our global customer base in our current locations, as well as through geographic expansion."
"Working with Bridgepoint Credit, we are delighted to have delivered to Acorn Growth Companies a tailored credit package that meets their strategic acquisition and funding requirements," said Tom Weedall, head of UK originations, Wells Fargo. "Aerospares provides pivotal services to the international aviation community and by leveraging Wells Fargo Capital Finance's capabilities, we are proud to support the UK's evolving aerospace industry."
About Wells Fargo Capital Finance
Wells Fargo Capital Finance, a unit of Wells Fargo Commercial Capital, provides comprehensive asset-based lending, supply chain finance, and technology finance to a wide spectrum of companies across the UK. With offices in London and Manchester, we bring a strong and proven track record of working with clients to develop their businesses. We deliver flexible financing options for companies facing a variety of situations, including: early and midstage turnarounds, growth, leveraged buyouts, refinancing, restructurings, mergers and acquisitions. As part of Wells Fargo & Company, a leading financial services provider with a longstanding reputation for strength and stability, we can also provide access to a wide range of products and services aimed at helping companies succeed.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 260,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune's 2019 rankings of America's largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories‡.
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About Acorn Growth Companies
Acorn Growth Companies is a middle market private equity firm focused exclusively on Aerospace, Defense and Intelligence. Acorn invests solely in operating companies that strive to enhance global mobility and protect national interests. Acorn has a formidable reputation in the industry and is recognized for its deep understanding of the Aerospace & Defense markets, with proprietary access to the best companies within these sectors. With operational expertise and its ability to lead and manage investments through variable economic and industry cycles, Acorn works in tandem with management to build its portfolio companies into significant market leaders.
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