Global marketing firm completes £31m refinance
THE Adare Group has completed a £31m refinance.
Huddersfield-headquartered Adare is a global marketing and secure communication solutions firm. It operates four specialist businesses: Adare International (which embraces The Purple Agency), Adare, Adare Advantage, and Kalamazoo Secure Solutions.
HSBC Leveraged Finance and Middle Market Financial Sponsors completed the refinance. This marks a new international banking relationship for Yorkshire-based Adare, which operates across 32 countries globally.
Adare helps its blue-chip clients change the way they communicate with their audiences, giving them a competitive edge in their markets and helping them achieve their own commercial and strategic goals. The business recorded revenues in excess of £150m for the year ended October 31 2013, and employs more than 900 people.
Robert Whiteside, CEO of Adare, said: “Our strategy has ensured consistent, year-on-year, profitable growth. Our new facilities and relationship with HSBC puts the company on a greatly-improved platform, which will help us achieve our targets and underpin our plans.”
The transaction, led by Tom Green, HSBC’s leverage finance head of Yorkshire and North East, is the fifth for HSBC’s leveraged finance team in Leeds in recent weeks, including supporting Elysian Capital’s acquisition of specialist powered access and welfare vehicle provider, Access Hire Nationwide, and LDC’s investment in environmental services business, Adler & Allan.
Green added: “Adare is a locally-based business offering global solutions to its clients. It is a business we have been in discussions with for some time and are delighted to now be able to support. The strength and depth of customer relationships across each of Adare’s specialist businesses is a testament to the high quality of its management and the innovative services offered by the group. Adare has a high quality pipeline of new business opportunities and we’re pleased to be part of this exciting period for the company.”
HSBC was advised by Addleshaw Goddard’s partner Karen Sewell and managing associate Michael Kidd on the transaction.
Adare was advised by David Hardless and Ian Hale of Park Place Corporate Finance and Sarah Day of DLA Piper. Financial due diligence was undertaken by Will Oxley and Claire Elcock of Grant Thornton.
