Ascona Group has secured a new £200m funding facility to support its ambitious growth plans to nearly its forecourt presence across the Ƶ.
The Pembroke Dock-based business, which is the seventh largest Ƶ independent forecourt operator, has secured the facility from Blazehill Capital.
The financing has been provided alongside HSBC Ƶ Corporate Banking. Ascona was founded in 2011 by its chief executive Darren Briggs and embarked on its high growth strategy in 2017. Since then, the business has gone from two to 70 sites across the Ƶ, serving over 400,000 customers every week.
As part of the funding package, Blazehill have provided £130m in committed financing, which includes a committed undrawn acquisition facility. The transaction was introduced by Trevally Capital, a long-term strategic partner to Ascona.
Over the next year to 18 months Ascona is aiming to grow its forecourt numbers to 120.
Mr Briggs said: We are delighted to complete this important transaction for Ascona. This new acquisition facility marks a new pivotal moment in our growth journey as we continue to strengthen our footprint as one of the Ƶ’s largest innovative independent forecourt operators and one of Wales’s fastest-growing companies. We are incredibly grateful to Trevally Capital, HSBC Ƶ and Blazehill for their support.”
Mr Hyman, managing director, Blazehill Capital, said: “We look to back best-in-class management teams with tailored and scalable credit solutions to unlock value, and this transaction is a great case study.
"To deliver the financing alongside HSBC Ƶ also highlights our market leading ability to co-exist with other, more traditional sources of capital, to the benefit of borrowers and sponsors. It’s been a pleasure working with the entire Ascona team over the last few months.”
Owen Vizard, director, debt finance origination, HSBC Ƶ, said: “We are pleased, alongside Blazehill, to be supporting Ascona Group with this significant deal which will help unlock the company’s impressive growth plans. Their investment in forecourts across the country matches our ambition to foster business growth and economic development.”
Ascona were advised by Simmons & Simmons, Trevally Capital and PwC. Blazehill were supported by DLA Piper, Avison Young and Trevally Capital.
