Library

Equity

Ordinary or preferred equity finance

Providing the right capital structure

We firmly believe in backing first class management teams to run their business to the best of their ability. As such we provide the right capital structure, without time constraints, to enable the business to succeed.

Where there is an equity gap alongside management teams or private equity houses we are able to provide ordinary or preferred equity finance.

In private equity transactions, as an alternative to syndication, we have structured ‘preferred equity’ tranches where we take over a share of the loan notes and in return for priority ranking, receive less than a pari passu share of the equity.

Equity and mezzanine finance case studies

>	Telinet	Follow-on acquisition
	Telecommunications	Following our initial investment in Telinet in August 2006 we further funded the acquisition of two technology service companies, Newburn Consulting and Evolution Voice & Data plc.
>	Coffee Nation	MBO
	The UK market-leader in self-serve, gourmet coffee	We provided Milestone Capital Partners with a preferred equity package
>	James Villa Holidays	MBO
	The UK’s leading tour operator specialising in villa holidays	We provided the management team and private investors with a preferred equity package
>	Aerial	Mezzanine lending
	Wireless coverage solutions	We provided mezzanine finance and an element of senior debt finance as part of the acquisition of Avitec by Aerial Facilities Ltd.
>	Clinisys	MBO
	Diagnostics software	We provided mezzanine finance to assist with the management buy-out of CliniSys from the founding shareholders.
>	Catalyst Media Group	Refinance
	Media	We provided a loan to refinance existing deep discounted bonds, enabling Catalyst Media Group plc to increase its effective stake in Satellite Information Services (Holdings) Ltd.
>	Superglass	MBO
	Insulation	We worked along side NBGI Private Equity to provide mezzanine finance and preferred equity, which gave the company an attractive alternative to syndication and allowed them to enhance further their equity returns.
>	Spectrum Interactive	Secondary MBO
	Telecommunications	We provided mezzanine finance to support ongoing organic growth of the business and as part of a secondary management buy-out.
>	Iris	Refinance
	Software	We participated in the higher yielding mezzanine, second lien and senior loan notes as part of a syndicated refinance.
>	DVC Sales	IBO
	Marketing services	We worked to develop a post-transaction mezzanine finance structure as an alternative to a full syndication of part of the institutional equity.
>	Euphony	MBI
	Telecommunications	We provided acquisition finance to assist Giles Redpath with a management buy-in to Euphony, a network marketing based telecoms company.