Global law firm Clyde & Co has advised ThinCats on its refinancing of marine services firm Marine and Towage Services Group Ltd (MTS).
ThinCats provides bespoke business funding solutions to UK SMEs. It has arranged a £5m refinancing package to MTS, which provides coastal and ocean towage services and support for the marine civil engineering and renewables sectors, and which owns a fleet of 16 multi-purpose tugs and other vessels that operate globally. ThinCats had been approached to provide a refinance package to support the further growth of the business following the acquisition of a majority stake in July 2020 by Cable Capital Partners.
Clyde & Co advised on all aspects of the transaction, including the specialist ship mortgage aspects of the financing. The Clyde & Co team was led by Partner Dean Gormley with the support of Consultant Dan Tindall (Ship Finance), Senior Associate Hayley Johnson (Banking and Finance) and Associates Nick Block (Ship Finance) and Sam Lowerson (Banking and Finance).
Dean Gormley says: “ThinCats is now firmly established as a leading provider of finance to growing and ambitious SMEs in the UK and we look forward to continuing to support ThinCats as it develops its business even further in the future. This transaction demonstrates not only our legal expertise, but also our deep sector and specialist ship finance knowledge, in line with the firm’s extensive experience working alongside the sectors that underpin global trade and commercial activity.”
Gary Nutley, Senior Director, Business Development at Thincats adds: “It has been a pleasure working with Dean and the Clyde & Co team on this deal – their expert shipping knowledge together with the practical advice they provided around the complexities of the deal proved to be invaluable, and as always they were responsive, helpful and timely. I look forward to working together again in the near future.”
Clyde & Co's finance team provides practical and expert advice to clients globally on finance matters, including corporate banking, leveraged finance and asset based lending. Clyde & Co has honed its experience in financial services by working closely with clients in key sectors such as transport, infrastructure, energy, commodities and insurance. We provide an integrated service that gives access to a wealth of knowledge and experience, that successfully closes financings for clients and helps them achieve their goals.