Leumi ABL backs Mthree–Peregrine merger with £10m facility

Leumi ABL has provided a new £10 million asset-based lending (ABL) facility to support the merger of its existing client Mthree with Peregrine International Limited, creating a larger, more diversified platform in the hire-train-deploy segment of the recruitment market.

Both businesses are portfolio companies of UK-based private equity investor Inspirit Capital, and operate across complementary parts of the recruitment sector, with Mthree focused primarily on the private sector and Peregrine serving public sector clients. The merger is expected to deliver increased scale, a strengthened management team and broader routes to market, unlocking cross-selling opportunities across public and private sector clients.

The deal further strengthens Leumi ABL’s relationship with Inspirit Capital and highlights its track record in supporting private equity-backed growth strategies. Leumi ABL has now delivered tailored financing solutions to three Inspirit portfolio companies, including backing the acquisition of @Spaldings Ltd in June 2023, which was successfully exited by Inspirit in September 2025.

Paul Youens, Investment Director at Inspirit Capital, said: “It has been a pleasure to partner with the Leumi ABL team again. Their willingness to work closely with us and deliver tailored financing solutions at pace has always stood out. Asset-based lending represents an attractive solution for PE-backed businesses, providing flexibility, with borrowing capacity that can scale alongside growth. With the additional scale and enhanced routes to market created through the merger, the combined group is well positioned for growth and long-term success.”

“We’re thrilled to partner once again with Inspirit Capital to swiftly provide a bespoke solution that enabled it to successfully complete a value accretive merger of two of its portfolio companies. This deal underscores not only the depth of expertise within our team but also our strong understanding of the specific requirements of PE-backed businesses and the importance of flexible structures that can evolve as transactions progress, and exemplifies our ability to execute cross-border transactions, as Mthree has operations in the US as well as in the UK.

“As a lender with significant experience in the PE space, we recognise the critical role that asset-based lending can play in providing scalable capital that supports growth. We look forward to working with the management team of the newly combined group, as well as with Inspirit Capital, as each entity embarks on this exciting new chapter.”