Funding story

ACE Winches was founded in 1992 by Alfred Cheyne in Aberdeenshire as an engineering business supporting the fishing industry with basic winches and other back of deck equipment. The company has grown to be a global leader in the design, manufacture and hire of lifting and pulling equipment and deploying solutions in a wide range of applications to the Oil and Gas industry and offshore infrastructure projects. ACE have safely delivered over 2,500 projects in more than 50 countries.

Considered one of the best-known winch companies and trusted partner to many of the top tier global offshore businesses, ACE announced strong financial results in 2021 despite the challenging economic backdrop. Alastair Scott, ACE Winches chief financial officer said: “We have developed a strong plan to further support our existing clients and develop the business in the growing new renewable energy markets, which has been supported by investors, and we are looking forward to delivering that in the months and years ahead.”

The funding enabled the repurchasing of shares and will support the business as it continues to lead industry standards for quality and reliability. Hutcheon Mearns advised on the transaction with Bridge & York Capital Partners constructing the initial funding proposition and introducing the client to ThinCats as the optimal source of funding.

Addleshaws provided legal support to ThinCats and CMS acted for Alfie and Valerie Cheyne.

We have lots of exciting plans for the future and will continue to evolve to meet the needs of a changing market. We are delighted to have found such a supportive partner in ThinCats and their funding will ensure we achieve our objectives of diversification and geographical expansion.


Alfie Cheyne, CEO and Founder, ACE Winches

John Blanchflower, CEO, Bridge & York Capital Partners: “It was a real pleasure to work with Alfie and Valerie in constructing the funding proposition and finding the right funding partner for their specific needs. Having identified ThinCats as that partner, we worked closely with all parties through the credit and execution process to assist the smooth delivery of the transaction.”

Gary Nutley, Senior Director, ThinCats: “It’s fantastic to support such a prominent operator and respected brand in the sector, continuing to build its exposure and diversify its offering. With Alfie’s vision and passion for the business, their experienced team and engineering expertise, I am sure we will see ACE continue to lead the industry.”

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