Arbuthnot Commercial ABL funds THREE60 Energy’s acquisition of Pryme Group and Flexlife

Arbuthnot Commercial Asset Based Lending (ACABL) has supported THREE60 Energy (THREE60), an existing client, in its acquisition of Pryme Group and Flexlife to create a £200m business servicing the energy sector. 

Arbuthnot Commercial ABL provided a combined £17.7m facility, comprising receivables financing, a property term loan and a £5m cashflow loan facility to support THREE60’s continued expansion.

THREE60, majority-owned by Simmons Private Equity, a division of Piper Sandler (NYSE-listed), becomes a leading independent energy service company offering complete asset lifecycle expertise.

Headquartered in Aberdeen, Scotland, THREE60 now has a 1,000-strong workforce, servicing multiple sectors, including onshore and offshore wind, carbon capture and storage, geothermal, nuclear, marine, defence, industrials, in addition to oil and gas.

Pryme Group, founded in 2014, brings design, engineering, project management, and proprietary product lines, while Flexlife specialises in lifecycle management solutions, broadening THREE60’s subsea engineering capabilities.

Kerrie Murray, Group CFO of THREE60 Energy, said: “The coming years will be an important period for the group, and Arbuthnot Commercial ABL has structured a facility that will be a pivotal platform for our continued growth.

“The timeline we have worked to has been relatively aggressive, and I do not think we would have achieved this transaction with a traditional lender.

“Arbuthnot’s responsiveness and swift execution were crucial factors in our decision to partner with them.

“Their team’s ability to think outside the box and get things done quickly is refreshing and reassuring. We are looking forward to the next exciting stage of our journey with Arbuthnot.”

Kevin Sutherland, finance director at THREE60 Energy, added: “Since 2021, our partnership with Arbuthnot Commercial ABL has proven to be both supportive and dependable, granting the flexibility to carry out our strategic plan.

“With an untapped cash flow term loan from Arbuthnot, we can pursue strategic acquisitions without the need to return to the market.

“We look forward to collaborating with Arbuthnot on further acquisitions to support our strategic plans for the coming years.”

Jeff Corray, head of energy, private equity at Piper Sandler Ltd, said: “We approached this deal with a clear strategic intent to consolidate some of our portfolio to form a group focused on energy and in particular to provide more critical mass in the energy transition and low carbon markets.

“The feedback from customers and stakeholders has been overwhelmingly positive, and we are excited about the growth opportunities that lie ahead.

“Arbuthnot Commercial ABL is a valued partner who understands our strategic vision and is committed to supporting its realisation.

“They created a funding structure that will serve as a robust foundation for our future organic and inorganic growth, including expanding our geographical footprint and acquiring additional capabilities.”

Andrew Rutherford (pictured), commercial director at Arbuthnot Commercial ABL, concluded: “We were delighted to work alongside the management teams of THREE60, Pryme Group, and private equity sponsor Simmons Private Equity to deliver this intricate and tailor-made transaction, ensuring both flexibility and certainty.

“Our approach extends beyond individual deals; it’s about nurturing enduring relationships. We remain committed to supporting the extended Group as a long-term strategic funding partner, further enabling its exciting growth trajectory within the dynamic and expanding transition and low carbon energy markets.”