Our Corporate Finance team has successfully advised mid-market Private Equity firm Primary Capital on a debt raise to part-fund the acquisition of Automated Systems Group Ltd in conjunction with Santander and their funding partner Aviva, and management.
ASL is one of the largest established managed-office services suppliers in the UK. With nine sites across the Midlands and South East, ASL work with over 5,000 customers nationally, supplying the latest technologies in print, unified comms and IT infrastructures.
The Debt Advisory team have worked with both ASL and Primary on previous transactions – supporting the ASL management team and previous investors, Mobeus, through the process of increasing their funding facility to fund the acquisition strategy of the business; and working with Primary Capital on previous portfolio transaction including Leisure Pass Group and ICS Learn.
On this latest transaction, the team debt advisory team were engaged by Primary to take them through the process of raising a package of debt facilities to support their investment into ASL and fund the company’s future strategy to grow the business both organically and through acquisition. This involved presenting to a range of potential lenders, deal structuring, securing credit approvals, negotiation of terms and handling all the banking legal documentation. The debt team secured new facilities with Santander and Aviva, which also included committed and uncommitted acquisition facilities.
“It was a pleasure to work again with the Debt Advisory team, whose support in handling the complexities of the debt facilities was invaluable in enabling us to complete this investment.” Alec Parkinson, Partner at Primary Capital.
“We were very pleased to have the opportunity to work again with both the ASL management team and Primary Capital on this transaction. There is a certain sense of achievement in having supported ASL in the past and, in some small part, enabled the business to accelerate its growth aspirations culminating in this new deal. The great news is that this now represents the start of another exciting chapter in the development of the business which we are also delighted to have helped with and look forward to continuing our relationship with both the business and the team at Primary.” Ian Milne.
Acquisition finance and growth capital raising
It was a pleasure to work again with the Debt Advisory team, whose support in handling the complexities of the debt facilities was invaluable in enabling us to complete this investment.Alec Parkinson Partner at Primary Capital