About The Techstream Group
The group places permanent and temporary staff across a range of sectors and geographies including the United Kingdom, Europe, USA and the Middle East.
The group follows a multi-brand strategy with each focusing on unique technology streams that are disrupting and transforming the world around us, such as cloud transformation, digital transformation, cyber security, data analytics, automation, the Internet of Things and CleanTech.
The challenge
TechStream CEO Paul Beeke and Universal Partners had the vision to embark on a buy and build strategy to take advantage of the transformation and disruption taking place in the Technology, Digital and Automation sectors.
Paul and Universal Partners had identified two targets, Xcede and Etonwood, who would provide scale and complementary services to TechStream. Paul already sat on the advisory board of both businesses and had a strong relationship with the management teams and shareholders.
To execute the strategy they needed to find a funding partner to support the acquisition and who shared their growth ambitions.
Investec’s pragmatic and partnership approach pre and post-deal completion was a breath of fresh air for us. They understood the complexities involved in a merger of this kind and have been a key partner in navigating the completion and integration of the three businesses.
Investec’s solution
TechStream CEO Paul Beeke and Universal Partners had the vision to embark on a buy and build strategy to take advantage of the transformation and disruption taking place in the Technology, Digital and Automation sectors.
Investec met with the teams early on to understand their vision for the group and the investment rationale for merging the three businesses. Investec took the time to understand the specific funding requirements of each business and to provide a bespoke financing package to cater for all requirements.
'We wanted a funding partner that shared our enthusiasm for the market opportunity and wanted to go on the journey with us. Investec had the deep recruitment sector expertise and track record to develop and deliver a flexible and bespoke debt structure'
Each business has a unique working capital profile so the financing package included receivables revolvers to cater for intra month working capital swings and also provided headroom to support the ambitious growth plans. A cashflow term loan was provided to support the acquisition and reorganisation of the shareholders.
“We wanted a funding partner that shared our enthusiasm for the market opportunity and wanted to go on the journey with us. Investec had the deep recruitment sector expertise and track record to develop and deliver a flexible and bespoke debt structure” – Justin Rodrigues, Universal Partners
Discover more client case studies
Integrity Print
Allied Glass
2M
Polyco Healthline
Downton
Integrity Print
Integrity Print was founded in 1917, and while the services it offers have changed hugely over time, it still places a premium on customer service and reliability. Based near Bath, its 380-plus employees run 35 continuous web presses, five label presses and ten high volume laser printers, plus print finishing and mailing equipment.
Allied Glass
Allied Glass is a combination of two Yorkshire high-end specialist spirits bottle makers with a proud history from the 1870s. It moved into the spirits sector in the 1970s, when it built a strong reputation as a manufacturer of difficult-to-do and complex bottles. Allied Glass’ biggest sector today is whisky, which by 2014 was about 60% of its product base.
2M
2M Holdings was set up by Mottie Kessler and a business partner in 2003. It provides chemicals and application know-how to a number of industries across many sectors from cosmetics, personal care and pharmaceuticals to automotive, water treatment and emissions reduction. Other chemicals companies cover some areas – but there are few that have such a broad range as 2M.
Polyco Healthline
Our funding structure blends asset based and cashflow lending which supported the merger transaction and provides substantial headroom for ongoing working capital, seasonality and growth requirements. Investec has provided a £44.5m facility to support the merger of BM Polyco and HPC Group, blending receivables and inventory revolvers with cashflow term lending.
Downton
Downton is one of the UK’s leading privately owned logistics firms, with a strong reputation for quality and delivery – providing the flexibility of a local business but with national reach. The Downton family successfully built and developed the business from a single truck to now over 600 trucks and 1,000 trailers over the course of several decades. The majority of customers are blue-chip leading brands across a variety of sectors and include Dyson, Pets at Home, Fever-Tree and AB InBev UK.