Iris

The deal

• Part refinance of institutional loan notes and existing bank debt in Hg Capital investee company, The IRIS Group Ltd
• Debt facilities underwritten by Lloyds TSB

The company

• The IRIS Group Ltd is a leading provider of business critical software packages to UK accounting firms and SME’s
• The company demonstrates high levels of customer retention, recurring revenues and strong cash flow, making it ideally suited to carrying a higher level of leverage

The strategy

• To focus on organic growth with strategic acquisitions to be undertaken on a limited basis
• To use strong cash flow generation to repay debt finance

Investec’s role

Investec Growth & Acquisition Finance reacted quickly to an initial approach from Lloyds TSB and came into the deal before the formal syndication process. Investec participated in the higher yielding mezzanine, second lien and senior loan notes.

www.iris.co.uk

Equity    |   Mezzanine finance    |    Asset based lending   |   Integrated finance