The Leicestershire-based provider of specialist commercial vehicle hire and fleet management services will use the funding to expand its national footprint by investing in depots and acquiring outsourced fleet contracts in new regions.
It will also look to make strategic acquisitions that will increase its market share and boost headcount, as well as investing in IT infrastructure.
Go Plant Fleet Services provides access to specialist commercial vehicles, such as road sweepers and refuse collection trucks, and has sales in excess of £70m, with more than 500 staff based across 38 UK depots.
STB Commercial Finance’s loan will replace an existing £4m working capital facility.
“In order to achieve management’s strategic goals, Go Plant required a facility that would help it expand into new regions to develop national coverage,” said Mark Gallimore, commercial director at Go Plant Fleet Services.
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“Secure Trust Bank has worked hard to deliver a bespoke funding solution to support this, and we look forward to continuing success as Go Plant accelerates its growth with the additional capital now at its disposal.”
The company was formed as a result of the merger of Essential Fleet Services Ltd and Go Plant Limited, which was backed by private equity house Endless.
This is the latest in a number of deals between Endless and STB Commercial Finance, after the lender recently provided a £5m facility to Kennelpak.
“The specialist vehicle fleet management market is highly fragmented and under professionalised, which presents both a challenge and an opportunity to ambitious companies,” said Sean Powell, national sales director at STB Commercial Finance.
“With this new line of funding, Go Plant is in a position where it can capitalise on this and look at making strategic acquisitions to bolster its influence, which will potentially increase its range of services into new markets.
“The management team at Go Plant [has] set [its] target to increase turnover by 35% by 2020, and with our support, we are confident that the business can continue to expand both organically and through acquisitions.”