Debt Advisory

Funding deal secures HR platform

Team advise on debt raise to support acquisition strategy for global HR solution

Background

Private equity firm Horizon Capital was looking to launch a new global employment solutions buy-and-build platform, starting with the simultaneous acquisitions of TopSource and PEO Worldwide. TopSource provides end-to-end payroll services in the UK, India, and Ireland, as well as cloud and mobile HR solutions. PEO Worldwide is an ‘Employer of Record’ and outsources HR solutions business, with nine international offices providing HR, payroll, legal and employee benefits support. The combination of the two creates a high-growth employment solutions group with contracted revenue, over 900 clients and global service delivery capability.

Action

Horizon Capital wanted to take advantage of the attractive market dynamics to accelerate strong organic growth and engaged our Debt Advisory team, with whom they have worked extensively with on numerous other projects, to take them through the process of raising funds to support the acquisitions. Our team also worked to secure additional facilities to fund the ongoing acquisition strategy of the newly formed group which involved presenting to potential lenders, structuring the deal, securing credit approvals, negotiating terms, and handling all the banking legal documentation.

Outcome

The team successfully advised Horizon Capital a debt raise despite the complexities of the simultaneous acquisition of two businesses to form the buy-and-build platform and the wide geographic spread of the group’s combined operations. FRP worked closely with all parties to craft a debt funding solution that met the requirements of all parties. The founders of both TopSource and PEO will remain with the business and have reinvested.

900

900 clients

The number of global clients for the new employment solutions platform launched by the private equity investor.

Related team

Ian Milne

Ian Milne

  • Partner
  • Debt Advisory
  • London West End, Reading

Simon Sherliker

Simon Sherliker

  • Partner
  • Debt Advisory
  • London West End, Reading

Scott Archer

Scott Archer

  • Associate Director
  • Debt Advisory
  • London West End