January 26, 2026: Cromwell, a UK distributor of maintenance, repair and operations (MRO) products, has secured a £60m asset-based lending facility from Secure Trust Bank Commercial Finance (STB CF).
The deal is part of a carve-out from US-listed Grainger and will see the company accelerate its growth under the new ownership of global private equity firm Aurelius.
Headquartered in Leicester and generating revenues of more than £260m, Cromwell supplies branded and own-brand tools, safety products, PPE, cutting equipment, consumables and industrial essentials to thousands of customers across manufacturing, aerospace, transport and engineering sectors.
The business, which was established in 1970, operates through a network of branches and distribution hubs across the UK and internationally. It also manages industry leading on-site vending machines located inside major customer facilities, ensuring critical equipment reaches engineers where and when it is needed.
The £60m facility from STB CF provides funding to support the separation of Cromwell and establish it as a standalone operation, while giving the business the financial headroom to invest in transformation and operational improvement alongside Aurelius.
Jason Steward, Chief Financial Officer at Cromwell, said: "Becoming an independent business backed by Aurelius marks a new chapter for us. With this facility in place, we're able to operate with real clarity and invest in the transformation programmes that will strengthen our commercial offering, sharpen our operations and support the thousands of businesses that rely on us every day."
Marc Finer, Principal Debt Financing & Capital Markets at Aurelius, added: "Cromwell is a classic Aurelius transaction - a carve-out of a sizeable business with strong fundamentals and clear potential for operational improvement.
"Secure Trust Bank quickly understood what mattered in this situation. Their flexibility, alignment to our objectives and speed of execution made them stand out in a competitive process and we had real confidence they could deliver to timetable."
Matt Broomfield, Regional Sales Director at Secure Trust Bank Commercial Finance, commented: "Cromwell is the type of business where asset-based lending can make a material difference, enabling a smooth separation while providing the liquidity and runway needed to deliver operational change.
We're proud to support Aurelius once again on a carve-out and look forward to seeing Cromwell thrive as a standalone business. Our team specialises in unlocking value in complex situations, and we are excited to play a part in this next chapter."