Trustmarque‘s management buyout team has finalised a £19.5 million refinancing package with HSBC Leveraged Finance, a deal that will help the VAR support future growth.
Last month managers at the firm bought it out for £43 million, supported by midmarket investment house Dunedin. Dunedin used its DebtBridge offering to ensure the debt funding for Trustmarque was deliverable and speeded along to help the process.
Trustmarque employs 180 people at three sites: its York headquarters, Bracknell and Edinburgh. It recorded revenues of over £130 million last year. The investment should help the company expand its services business.
HSBC director Tom Green led the bank’s team, with support from associate director James Scholes, and in association with Eversheds’ partner Kathryn Walters and associate Paul Chanter as advisors.
Green said: “Trustmarque is a market-leading business with an excellent reputation and service offering for both the commercial and public sectors. Management are of the highest calibre and having built a relationship over the last 18 months, we are now looking forward to supporting the next phase of growth under their leadership.
“Dunedin’s DebtBridge solution provided the vendors with certainty of funding and we are pleased to be able to complete the refinance within only a few weeks of their original investment,” added Green.
Dunedin partner Mark Ligertwood said, “Our DebtBridging solution enabled us to get the initial deal done quickly without having to wait for bank debt finance, and then we were able to secure optimal terms for the company following completion. HSBC have demonstrated a strong commercial understanding of Trustmarque and the ambitions of the management team having tracked the business for some time.”
Trustmarque finance director Vicky Godliman added: “The HSBC team was able to provision a banking facility that will fully support the needs of the business as we enter the next phase of our development.
“Tom Green and the team were supportive throughout the process, taking the time to gain knowledge of the manner in which the business operates to ensure that the deal they proposed was an excellent fit for Trustmarque,” she added.
The transaction is the third for HSBC’s Leveraged Finance team in Leeds over the last few weeks.
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