Trustmarque completes £19.5m refinance following MBO
YORKSHIRE technology and software business Trustmarque Solutions has completed a £19.5m refinance following its recent £43m management buyout backed by private equity firm Dunedin last month.
The York-based business employs 180 people and has operated for more than 25 years had turnover of £130m in the year to August 31, 2012. It helps organisations license, deploy and manage technology from a wide range of developers including Microsoft, VMware, and McAfee
The refinance marks a new relationship with HSBC, whose Leeds-based team was led by Tom Green, director, with support from James Scholes, associate director.
HSBC was advised by Eversheds’ partner Kathryn Walters and associate Paul Chanter on the transaction.
Mr 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.”
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.”
Dunedin’s investment in Trustmarque follows three strong exits and the £34.5m management buyout of Premier Hytemp, all of which have been completed by Dunedin during the last 12 months. Dunedin has also completed a total of 17 portfolio acquisitions since 2011.
