ABI (UK) Limited

Case Study

Financing ABI’s Management Buyout

At PGIM, we’re invested in more than transactions—we’re invested in your vision.

At a Glance

ABI (UK) Limited completes management buyout

In February 2020, we completed an MBO financing for ABI through our one-stop capabilities, which included a senior secured credit facility, subordinated notes, and preferred equity.

Relationship since 2020

Transaction details:

Senior Secured Notes
Subordinated Notes
Preferred Equity

“PGIM in relation to the MBO was attractive to us because it allowed our private equity house to get the returns they needed. It allowed our chairman to take out the bulk of his investment. It also allowed the management team that were staying onboard to retain a majority stake of the business to keep them completely engaged in the future success of the business.”

Jo Cowl, Chief Financial Officer, ABI

<p>“PGIM in relation to the MBO was attractive to us because it allowed our private equity house to get the returns they needed. It allowed our chairman to take out the bulk of his investment. It also allowed the management team that were staying onboard to retain a majority stake of the business to keep them completely engaged in the future success of the business.”</p>

The Full Story

Providing unwavering commitment through challenging times

Seven weeks after completing a management buyout, ABI was forced to cease all of their operations, close the factory and furlough 510 employees. On March 23, management made the difficult decision to suspend production and send their employees home. We held conversation with ABI from the start and were involved in their decisions early on.

“I always believed that PGIM would be different. That's been proven in practice. There is involvement. There is interest. We're in it together.”

Mel Copper, Chairman, ABI

A supportive, long-term partnership

We pride ourselves on being a supportive and patient partner, and in the early days when there was uncertainty around the pandemic, we provided a sounding board and a voice of experience to give ABI the confidence to run their business with a long-term mindset.