West Yorkshire-based Cavalier Bathrooms has entered the kitchen market following receipt of £15.2m in funding facilities from Secure Trust Bank Commercial Finance, which supported the acquisition of brassware company Tre Mercati.
Family-owned Cavalier Bathrooms, backed by industrial investment group HLD Group, has been creating high-quality bathrooms solutions for more than 100 years. With a number of sector-leading brands to its name, including Aquadart, Elation, April Products and Niagara, the business was looking to grow and diversify its offering with the acquisition of a business that serviced the kitchen sector.
Secure Trust Bank Commercial Finance created £15.2m in flexible funding facilities to allow investment in the existing Cavalier product range and infrastructure, together with support for the purchase of Oldham-based Tre Mercati, a supplier of bathroom and kitchen brassware. Another family-owned business, Tre Mercati and Cavalier Bathrooms have shared values of bringing functional products to market alongside best-in-class customer service.
Secure Trust Bank Commercial Finance provides a full suite of asset-based lending options including invoice financing, working capital and inventory financing. Currently, the commercial finance arm of the listed bank has in excess £500m of facilities agreed to support growing businesses across the UK.
David Myles, Special Operations Director of the HLD Group of Companies (HLD), said: “Despite the pandemic and difficulties in the sector, Cavalier Bathrooms has had a strong year, achieving its original forecast despite a number of months without trade. We’ve had time to invest in our business processes and technologies and being able to welcome Tre Mercati as part of the business will only strengthen our offering further.
“The support of Dave Green and the team at Secure Trust Bank cannot be understated. We’ve had a relationship with them for several years, having used their funding across other group companies. Once again, they really got to know the business, understood our growth ambitions and were able to provide a flexible facility to help us achieve them. We would highly recommend them as partners.”
Dave Green, Regional Sales Director at Secure Trust Bank Commercial Finance, said: “We have developed a strong relationship with the HLD team and it’s fantastic to be able to support another of their portfolio companies. Both Cavalier and Tre Mercati have knowledgeable and passionate management teams and combining the businesses will no doubt lead to even greater success.”