Prudential Private Capital initiated a direct calling relationship with Samworth in 2008 and has developed business understanding and trust since that time. Samworth was always attracted to the relationship-nature of our capital, albeit with a consistently conservative balance sheet. While the Company had no immediate debt requirements, it valued the option of long-term capital from an uncorrelated, institutional source. As a result, in 2021, Samworth chose to put an undrawn $150,000,000 Pru- multi-currency Shelf facility in place.
A shelf allows real-time executable quotes and a very short window between lock and funding. As a result, when the need for capital arose, Prudential was able to act quickly and close on a £50,000,000 investment in September 2023. Our existing relationship and ability to provide quick access to long-term financing was key in the Company’s decision to partner with us. We have a history of lending to family businesses, with an aligned long-term mindset, which complements our established expertise in funding much of the FTSE-350.
We are delighted to have partnered with Samworth Brothers, and we look forward to supporting the business for the long-term.