TDO III refinances UK groundworks leader M&J Evans

London (UK), 5 November 2024 - Triton Debt Opportunities (“TDO”), the “all weather” opportunistic credit arm of European investment firm Triton, has refinanced M&J Evans (“M&J”), a leading provider of groundworks and infrastructure services for UK’s residential homebuilding industry. 

Triton Debt Opportunities III ("TDO III") has provided flexible capital in the form of  first lien senior secured debt, which will be used to help M&J refinance its existing debt and invest in further growth.  

M&J is backed by Freshstream Investment Partners and provides mission-critical services that are essential for building new homes and communities in the UK. This includes the construction of roads, sewers, and drainage infrastructure; installation of house foundations and drainage; as well as finishing works such as paving, drives, and garden topsoil. The company works with all major UK housebuilders and is one of the largest players in a £5bn addressable market.

TDO invests opportunistically in the credit of mid-market European companies, primarily in the same key sectors as Triton’s private equity funds – Business Services, Industrial Tech, and Healthcare. TDO focuses on pull-to-par investments in senior secured non-control debt of companies facing temporary headwinds via the secondary market, as well as providing primary and asset-backed lending on an opportunistic basis.

Gani Diwan, Managing Director, Triton Debt Opportunities, said: “M&J Evans is a high-quality market leader that is led by a strong management team and is backed by long-term megatrends. This investment is another example of our ability to apply Triton’s sector knowledge and provide flexible financing solutions in a timely manner.” 

For the refinancing transaction, M&J was advised by A&M and Willkie Farr & Gallagher LLP and TDO was advised by Sidley Austin LLP.