Shearman And Sterling

News Dec 23, 2019

DBAY Advisors Limited Rescue Financing for Eddie Stobart

Shearman & Sterling recently advised certain entities controlled by DBAY Advisors Limited (DBAY) in connection with its investment in the trading entities, including Eddie Stobart Limited, that were formerly 100 percent owned by Eddie Stobart Logistics plc (the Group). As part of this transaction, DBAY acquired a 51 percent indirect stake in Greenwhitestar Acquisitions Limited, a holding company of such trading entities. DBAY also injected approximately £55 million of new financing into the Group through payment-in-kind loan notes to be used to provide necessary liquidity for the Group and DBAY agreed a revised financing package with the senior lenders to the group to provide it with additional liquidity. “We were delighted to help the DBAY team with this complex and innovative rescue of an iconic English company,” said Philip Stopford, partner in Shearman & Sterling's EMEA Finance practice.

DBAY is a regulated investment manager licensed to conduct investment business by the Isle of Man Financial Services Authority. It was founded in 2011 and manages a capital for endowments, pension funds, foundations and other institutional investors. DBAY is a value investor. It is sector agnostic and aims to support companies in which it makes long term investments to develop clear growth opportunities with a particular emphasis on creating long term value by working alongside management teams.

The group, formerly Greenwhitestar UK Plc, is engaged in the business of logistics and supply chain. It is focused on e-commerce, manufacturing, industrial & bulk, retail and consumer sectors and operates approximately 2,200 vehicles, 3,800 trailers and over 24 distribution centers throughout the United Kingdom and Europe. Its operations include warehousing sites, transport hubs, cross-docks, rail terminals, inland ports and truck stops.

The Team