Doree Bonner

The company

Doree Bonner is one of the leading relocations and storage companies in the UK. The group offers three core services of storage, relocation and disaster recovery for both residential and B2B customers across the UK and internationally. Additional services include sale of insurance and other sundry lines, such as crate hire.

The company was acquired in 2017 by A2E Industries Ltd (A2E), a private investment company, with a view to an organic growth strategy as well as bolt-on acquisitions.

Investment rationale

The financing enabled the company to restructure its debts and provided working capital.

At the time of our introduction to the company the incumbent senior facilities imposed an amortisation profile that was too onerous for the business. The senior secured facility provided headroom for the business to complete a bolt-on acquisition and reprofile existing debt.

Doree Bonner's management team had a demonstrable track record of growth, both organically and through acquisitions, providing comfort that the integration of the new acquisition would be a success. This integration, as well as potential future bolt-on acquisitions could further enhance returns to Connection Capital investors by way of an equity warrant accompanying the senior secured loan.

Progress since investment

The facility provided by Connection Capital clients was fully repaid in 2023, generating net returns of 1.58x / 14.5% IRR, in line with those set out in the original Investment Proposal. These were achieved despite the challenges of Covid and increased cost of living, showing the strength of our Private Debt product offering. Doree Bonner continues to trade well.