Asset-backed financing for a Swiss industrial group supporting working-capital needs and strategic growth initiatives.
LMF advised a Swiss-based industrial group with a vertically integrated, sustainability-led materials manufacturing and distribution business on an asset-backed financing solution. The business had more than six decades of operating history, a global sales footprint and a substantial certified land asset and production platform.
The financing requirement combined refinancing of existing working-capital facilities with additional liquidity headroom to support production growth and strategic investment. The underwriting challenge was to translate a non-standard asset base into a lender-friendly borrowing-base structure.
The original financing work assessed a €20–30 million revolving asset-backed facility supported by a borrowing base comprising trade receivables, finished-goods inventory and verified carbon-credit assets. This required analysis of eligibility, concentration, valuation, liquidity and advance-rate considerations across different collateral categories.
The underlying business generated approximately €70 million of normalised annual revenue with a mid-teens EBITDA margin at the time of the financing work. Its sales were diversified internationally, with the majority generated in Europe and the balance spread across Asian, U.S. and other markets.
LMF's credit work incorporated the company's long operating history, significant equity base, long-dated access to certified natural resources and predictable raw material extraction framework, together with top-tier environmental certification and a strong sustainability profile. The business model also included carbon-avoidance and carbon-removal activities alongside its core manufacturing and distribution operations.
The mandate ultimately demonstrated how an industrial borrower with a complex working-capital cycle can broaden its financing universe beyond conventional relationship-bank lending by presenting receivables, inventory and other verifiable assets within a structured credit framework.
LMF advised on borrowing-base design, debt capacity, lender segmentation and credit positioning, and sourced an asset-backed unitranche solution supporting both working-capital requirements and growth projects. The mandate included lender outreach, negotiations, due diligence and transaction execution.
Speak with LMF about capital structure, lender options, refinancing or growth financing requirements.