CVC Credit Partners ("CVC") announced today that CVC's European Private Debt business has provided a unitranche debt facility to Buckthorn Partners ("Buckthorn") to support their investment in TWMA. Buckthorn, a specialist oil field services investment firm, will work alongside TWMA to accelerate its plans for global growth, product and service expansion, and further investment into research and development.
Formed in 2000 and employing over 500 people, TWMA is a global integrated drilling waste management and environmental services firm for the onshore and offshore oil and gas industry. The company has offices and service bases in Europe, the Middle East, North Africa, West Africa and the Americas.
Neale Broadhead, Managing Director & Portfolio Manager in CVC Credit Partners' direct lending business said: "TWMA is an industrial company with excellent sector expertise and growth ambitions – this is exactly the type of company we like to support. It is testament to CVC's global network and direct lending platform that we were able to source this opportunity and provide the type of secure, direct financing TWMA will benefit from as our 22nd investment in Europe."
Chris Fowler, Managing Director in CVC Credit Partners' direct lending business added: "Across the energy markets, operators are continually under pressure to produce oil & gas in a safer and more environmentally-friendly way, at better value. Despite recent industry headwinds, TWMA has taken advantage of such opportunities, using its differentiated technology to manage and reduce the environmental impact of its clients' waste materials in a cost-efficient manner. We are delighted to work with Buckthorn to support TWMA and look forward to continuing our commitment to the company as it grows and expands."