Future is sweet for leading NI businessman and entrepreneur Paul Allen following latest expansion
Belfast-headquartered Structured Asset-Based Lending (ABL) specialist, Upstream, has successfully completed one of its first major transactions since its recent management buyout (MBO), completing a multimillion-pound deal to help finance the acquisition of one of Northern Ireland’s largest confectionery businesses.
Courtney & Nelson, a 65-year-old confectionery wholesaler and distribution company based in Belfast with around 40 staff, has been acquired by leading Northern Ireland businessman Paul Allen in a major deal facilitated by Upstream which supported the transaction by providing a significant Structured ABL funding solution – unlocking the assets of the business to provide both acquisition finance and ongoing working capital to fund the future growth plans of the management team.
The tailored funding, which leveraged a combination of trading assets including Courtney & Nelson’s Supply Chain, Debtors, Inventory and Commercial Vehicles, assured the acquisition team of flexible and scalable finance, thereby facilitating a smooth and seamless transaction for all parties.
Paul Allen was at the helm of Northern Ireland-based snacks business Tayto Group as CEO for over 17 years before leading the acquisitions and successful growth of local bakery product producer Genesis and premium sauce maker Pasta King based in England.
“Courtney & Nelson is a successful, established business with great products, strong networks and partners and an excellent team. I’m looking forward to building on that success in the months and years ahead, developing new markets and maximising the incredible assets we have,” Paul Allen said.
“This is an important acquisition which was made possible by the partnership we have with Upstream which has provided a highly competitive Structured ABL facility. This enabled us to generate additional funds providing the headroom to complete the acquisition quickly and unlock working capital so we could get stuck in straight away.”
Courtney & Nelson supplies sweets, crisps and drinks to around 1,400 outlets across Northern Ireland including newsagents, forecourts, grocers and convenience stores, schools, leisure centres and cinemas.
Welcoming the transaction, Lewis McCallan, ABL Partner, Upstream, said:
"We are delighted to support Paul and his team, as his preferred funding partner, in the purchase of Courtney & Nelson (C&N).
Our Structured Asset Based Lending (ABL) solution ensured the acquisition of Courtney & Nelson through fast access to capital, by unlocking the value of Balance Sheet assets.
In the case of C&N, this supported both the acquisition and future growth strategy, however this valuable capital can be used in different ways from realigning finances, funding of new projects, to upgrading or investing in new equipment thereby ensuring that businesses can be supported at different stages of their growth trajectory.
The Upstream team wishes C&N every success for the future - and as a truly independent, and locally managed ABL funder, we believe this is only the beginning of us partnering growth focused business owners across our chosen markets."
Upstream was founded by CEO Judith Totten MBE in June 2011 as a boutique SME funding provider.
Backed by London-based Pollen Street Capital, which has committed a new £150 million facility to accelerate the ambitious and sustainable expansion of the business, Upstream has now evolved into a specialist structured ABL lender, challenging the mainstream market with a comprehensive and tailored offering for SME and mid-corporate business owners.
