Done Deal: Mi Hub

Built to Last

PNC Business Credit Case Studies
mi hub Distribution

Headquartered in Castle Donington and with offices across the UK, Europe, USA and Bangladesh, Mi Hub sources ready-to-wear, bespoke and technical uniforms for businesses of all sizes. It operates through four brands: Dimensions, Alexandra, Yaffy, and Affinity. Today, more than five million people go to work around the world in uniforms sourced by Mi Hub.

Need:

PNC started its journey with Mi Hub in 2019, tailoring a complex Asset-Based Lending cross-border transaction to support the business’ Buy Out by LDC. Mi Hub has flourished and enjoys long-term customer relationships, a substantial contracted revenue base and differentiated operational infrastructure. The business ships more than 20 million garments annually and has an annual turnover of £160m. Recently, Sullivan Street Partners (SSP) acquired the business.

Solution:

Asset-Based Lending (ABL) remains a key strategic funding platform of the business. Over the past 7 years, PNC has built an enduring relationship with Mi Hub’s management team. It has deepened its relationship and support through the ownership transition with a renewed facility, which delivers the headroom for even further growth for this UK success story.

Results:

Mi Hub has built an outstanding position across its markets through execution excellence and creativity. With SSP’s support, Mi Hub is set to continue its expansion both organically and through strategic acquisitions to realise even greater potential.

Distribution
 

mi hub

A portfolio company of

SULLIVAN STREET

£50,000,000

ABL Revolver & Term Loan

Acquisition Financing
 

Financing Event: Asset-Based Lending Revolver & Term Loan 
PNC Deal Leader: Justin Edwards 

We reviewed other ABL providers. PNC had built a great working relationship with Mi Hub’s management team and everything was clearly working well. Having worked with PNC on another deal, they again showcased their ability to move swiftly, think clearly and be pragmatic. They invest in building relationships and lean towards any challenges that arise, instead of pulling away.

- Layton Tamberlin | Managing Partner, Sullivan Street Partners
Working with PNC over the last 7 years, we have witnessed their flexibility and commercial outlook. Business is never a straight line and they have supported us extremely well. We have excellent working relationships across both our teams at all levels and a shared belief in minimising complexity to maximise flexibility. We are delighted to be continuing our relationship with PNC in this exciting new chapter for the business.

- Andrzej Ostrowski | Group CFO, Mi Hub