Secondary refinancing of Integral
Momentum advised Integral Holdings Limited on the refinancing of the business which was completed just nine months after the completion of the original buy-out.
Deal value
£40 million refinancing following £20 million management buy-out.
Client's view
The best thing I ever did was to pick up the telephone to Momentum Corporate Finance. They delivered an exceptional service and guided my team through this complex transaction achieving a fantastic result.Bryan Glastonbury, Managing Director
Overview
Freed from the restrictions of a large group Integral’s growth accelerated in the period after the buy out in July 2005. Turnover was less than £100 million in 2004 but grew to over £190 million in 2009.
The deal was subsequently awarded “Deal of the Year” at the 2006 South West Deals Awards ceremony.
Key features
- A secondary refinancing valuing the business at £40 million was advised on by Momentum.
- This transaction enabled Barclays Ventures to realise over £12 million from an original investment nine months earlier of £5 million.
- The management team acquired control of the business and recorded more than a 26 times return on its investment.
- The deal was structured to give Integral an equity capital base of more than £13 million. A strong capital base is increasingly important in a number of contract tenders.
- The refinancing was supported by Lloyds TSB Commercial Finance and Lloyds TSB Corporate.
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