Posted on: 06-May-2020

DunPort provides acquisition and growth finance to support Cargostore and sponsor Connection Capital

Cargostore Worldwide Trading Limited (“CWT”, “Cargostore” or the “Company”) is a leading provider of specialist container equipment for hire or sale worldwide primarily for the Offshore (Wind Power and Oil and Gas), International Aid, Defence and Stability markets. Built around a model of customer service and responsiveness, Cargostore’s strategic focus is on asset rental contracts with long term customer relationships that generate stable recurring revenues by deploying its fleet of specialist containers into niche applications. The principal focus market is Offshore, which requires special container certification, with Cargostore having the largest fleet of refrigerated (“reefer”) DNV certified containers in the world, serving this growing niche. It should be noted that the end customer uses for Offshore are principally concerned with ongoing servicing of existing operations rather than being dependent on exploration or new build, so can and do, provide reliable recurring revenue to Cargostore.

The DunPort team via. Elm provided senior secured debt facilities of €17.1m to Cargostore Worldwide Trading, incorporating acquisition debt of €13.0m and a capex facility of €4.1m, to support Connection Capital LLP’s (the “Sponsor”) acquisition of a stake in the Company and to support the future growth strategy.

DunPort worked closely with the Sponsor, the management team and its advisors, to structure a flexible funding solution will support and enable the Company to deliver on it’s strategic growth plans in the coming years.