Investment Criteria

Entire Capital Structure

    • Core focus on subordinated debt investing
    • Ability to provide floating-rate senior debt and minority equity to complement subordinated debt
    • Breadth of capital offers a "hybrid unitranche"/"one-stop" financing solution, which provides execution certainty to both borrowers and private equity funds
    • Significant minority equity appetite in addition to core subordinated debt requirement
    • Ability to transact directly with companies and management teams without a private equity fund

 

Broad Use of Capital

  • Recapitalisations
  • Shareholder buyouts
  • Growth / Acquisition financings
  • Non-sponsored MBOs / MBIs
  • Private equity-backed LBOs

 

Flexibility and Scale

  • Junior capital investment appetite of US$10 - 100 million
  • Senior debt investment appetite of US$10 - 50 million in support of subordinated debt capital
  • Meaningful appetite for add-on capital to support future growth
  • Ability to provide accordion facilities
  • Appetite across Western Europe and the UK and Ireland
  • Long-term horizon with tenors of up to eight years
  • Rapid execution capabilities driven by quick and stream-lined credit process and access to key decision-makers
  • Multi-currency capability (EUR, GBP, USD)

 

Business Profile

  • Minimum EBITDA of £5 million / €6 million
  • Enterprise value range of £20 - 200 million / €30 - 200 million
  • Generalist sector approach spanning business services, consumer products and services, distribution, industrial and manufacturing
  • Cash flow lending focus so corporates need to have a track record of delivering positive EBITDA