Stock Buyback and Recapitalisation

Pricoa provides financing to support a management transition

Founded in 1997, The Gap Partnership is recognised internationally as the leading provider of negotiation behavioural change development programmes and client-specific negotiation consulting services. Gap has a global presence served by four regional hubs in the UK, U.S., Germany and Hong Kong, working with more than 500 of the world's largest blue-chip corporations.

In June 2016, Pricoa Capital Group led a one-stop financing to support a recapitalisation of Gap. The transaction provided shareholder liquidity to enable an ownership transition, which put greater ownership with the extended leadership group, who will drive the business forward. Pricoa was attracted by Gap’s ambitious growth plans and scalable business model.

Pricoa was chosen as the financing partner due to its relationship approach and ability to structure a bespoke debt transaction speaking for the full capital requirement to achieve management’s objectives. The patient nature of Pricoa’s debt capital will help support Gap’s long-term growth objectives, and Pricoa’s currency flexibility, allowing portions of the financing to be redenominated into US Dollars and Euros, will help the company hedge cash flows from its global business.

The transaction was comprised of senior debt, a committed senior accordion, subordinated notes and preferred equity. Pricoa was the sole capital provider.

Advisors to the transaction included Livingstone Partners LLP, Travers Smith LLP and Morgan, Lewis & Bockius LLP.