Cromwell secures £60m ABL facility from Secure Trust Bank

Cromwell, one of the UK’s leading distributors of maintenance, repair and operations (MRO) products, is poised for a major transformation after securing a £60 million asset-based lending facility from Secure Trust Bank Commercial Finance (STB CF).

The funding supports Cromwell’s carve-out from US-listed Grainger and provides the financial platform needed for the business to accelerate its growth under its new owner, global private equity firm Aurelius.

Headquartered in Leicester and generating more than £260 million in annual revenue, Cromwell supplies a wide range of branded and own-brand tools, PPE, consumables and industrial equipment to thousands of customers across manufacturing, aerospace, transport and engineering. Since its founding in 1970, the company has built a nationwide network of branches and distribution hubs, alongside a growing international footprint. It also operates industry-leading on-site vending machines that deliver critical equipment directly to engineers inside major customer facilities.

The new £60m facility will support Cromwell’s transition into a standalone business and give it the financial headroom to invest in operational improvements and long-term transformation in partnership with Aurelius.

“Becoming an independent business backed by Aurelius marks a new chapter for us. With this facility in place, we’re able to operate with real clarity and invest in the transformation programmes that will strengthen our commercial offering, sharpen our operations and support the thousands of businesses that rely on us every day.”

Marc Finer, Principal Debt Financing & Capital Markets at Aurelius, described Cromwell as “a classic Aurelius transaction,” noting the company’s strong fundamentals and clear potential for operational improvement. He praised Secure Trust Bank’s role in the deal, highlighting its flexibility and speed of execution.

“Cromwell is the type of business where asset-based lending can make a material difference, enabling a smooth separation while providing the liquidity and runway needed to deliver operational change. We’re proud to support Aurelius once again on a carve-out and look forward to seeing Cromwell thrive as a standalone business.”