finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised Inflexion, a leading mid-market private equity firm on its investment into TC Group, a provider of accountancy and taxation services to UK SMEs. The investment is being made from Enterprise Fund V, Inflexion’s dedicated lower mid-market fund.

TC Group is an Accountancy Age ‘Top 30’ firm and provides bespoke, high-quality accounting, bookkeeping, tax, audit and payroll services. It operates through 29 local offices throughout the UK with over 500 employees servicing almost 15,000 customers, and has a successful track record of M&A and profitability. TC focuses on enabling partners to retain their autonomy and grow their income whilst providing industry leading infrastructure and support.

TC Group has a strong track record of organic growth and through acquisition, with 28 completed to date and a strong pipeline of further opportunities. Inflexion brings significant buy and build experience, having completed over 440 throughout its near 25-year history. Inflexion will support the business as it continues its strategy to consolidate the fragmented market.

Advisers to Inflexion from finnCap Cavendish were Andrew Jeffs (Partner), Leigh Webb (Head of PE Sponsor Coverage & Elliott Jeans (Associate Director).

Andrew commented:

“We are delighted to have advised Inflexion on its investment into TC Group.  It is a deal that highlights the continued appetite of private equity to invest in the professional services sector especially firms with differentiated models like TC has. Congratulations to Malcolm, his team and all involved on the successful investment.”

“This deal evidences the focus and capability finnCap Cavendish has on the professional services and wider business services sector. It also marks another notable buyside credential for the firm”.

finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of five sites of John Nicholls Trading Ltd, the Midlands-based independent builders’ and plumbing merchants, to MKM Buildings Supplies, the UK’s leading independent builders’ merchant.

Founded in 1965 by late chairman John Nicholls, the group has grown significantly over the years from one branch in Banbury to over 25 sites covering Oxfordshire, Warwickshire, Northamptonshire, and Dorset. The business offers a wide range of building and plumbing materials and kitchen and bathroom suites and accessories. In 2014, it acquired J&B's Plumbing & Heating based on the South Coast, adding an additional 8 Plumbing & Heating branches and 5 Bathroom Showrooms.

MKM has acquired builders’ merchants branches in Banbury, Bicester, Kidlington and Rugby together with a distribution centre at Long Hanborough, adding to its 100-plus network.

This transaction also marks the retirement of Philip Nicholls (Director) and David Hebdon (CEO), with Andrew Nicholls (Executive Chairman) leading a management buy-out of the remaining branches alongside four Directors, encompassing the company’s plumbing and heating division.

Advisers to John Nicholls Trading from finnCap Cavendish were Peter Gray (Partner), Mike Dinsdale (Director) & Daniel Dwyer (Associate).

Mike Dinsdale, Director at finnCap Cavendish, said:

“We are delighted to have advised the Shareholders on this deal. In a rapidly consolidating sector, this transaction sees MKM continue its regional expansion strategy, acquiring five Nicholls builders’ merchant branches in fantastic locations that are known for providing excellent service to customers in the local community.”

finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of UK Storage Company Ltd to an investor syndicate consisting of funds advised by Davidson Kempner Capital Management LP (“Davidson Kempner”) and Pithos Capital, a European self-storage operator (the “Syndicate”). Founded in 2005, UK Storage Company Ltd is the UK’s largest independent self-storage provider, with a portfolio of 28 well-invested sites. The business holds a strong position across the UK’s highly resilient self-storage sector, characterised by repeat revenues and excellent growth dynamics. Its real estate portfolio includes both leasehold and freehold properties that consist of 11,000 storage units, translating to around 900,000 square foot of built rentable space. The sale completed on 9 June 2023.

Originally focused in the South West of England, the business has expanded its geographic presence through a carefully considered site selection process, with facilities spanning from Redruth to Leeds and employs approximately 40 staff. The sale provides an attractive opportunity for the Syndicate to invest in and grow the platform across the UK over the coming years.

UK Storage Company Ltd was equally owned by Keith Taylor and Cathy Taylor, who together have developed it into the largest independent operator in the UK.

The lead adviser on the sale was Peter Gray, Partner and Nehal Patel, Director from finnCap Cavendish.

Peter Gray and Nehal Patel at finnCap Cavendish, commented:

“We are very proud to have advised on this deal, further cementing finnCap Cavendish’s expertise in the business services’ space. This transaction is particularly significant given the Company’s scale in the UK, history of strong financial performance and as well as its huge growth potential.”

“We are pleased that the deal continues to enhance the reputation and credibility of finnCap Cavendish, whilst building on its strengths and increasing the firm’s visibility in the self-storage market. Congratulations to Keith, Cathy and all involved on a successful deal.”

finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of Vero Screening, the UK’s largest independent employment screening provider, to Accurate Background, the largest privately held provider of compliant background checks, drug and health screening, and monitoring solutions in the USA.

Founded in 2006, Vero Screening is a UK-based supplier of screening services that provides expert knowledge and world-class service for clients in 200+ countries, with specialty in the financial services, banking, legal, professional services and technology sectors.

Vero Screening will continue to operate under its own brand and to be led by co-founder and CEO Rupert Emson who will join Accurate’s executive leadership team

The deal was led by Mark Kingston, Partner and Head of Human Capital M&A at finnCap Cavendish, supported by Mike Dinsdale (Director) and Hugh Ripley (Senior Associate).

Rupert Emson, Co-founder-CEO of Vero Screening, commented:

“In an industry where candidate and client experience are paramount, Accurate and Vero are aligned with a focus on service excellence and a safer hiring process from start to finish. Today marks a new chapter for our business and our team, and we look forward to joining the Accurate family, to advance the screening experience and expand our global footprint in highly regulated, compliance-driven vertical markets.

“We engaged with finnCap Cavendish over 18 months ago to help us prepare for sale. The team’s sector specialist advice and guidance, combined with astute management of every aspect of the transaction process, delivered an exceptional deal that has surpassed all expectation, our shareholders are delighted."

Tim Dowd, CEO of Accurate Background, commented:

“We are committed to leading the industry in global employment screening by continuing to provide exceptional candidate and client experience, compliance expertise and technological innovation. With the addition of Vero Screening, Accurate continues our global expansion to meet the needs of global multinational organizations as they quickly onboard talent and manage risk with industry-leading screening and monitoring services.”

Mark Kingston, Partner & Head of Human Capital M&A at finnCap Cavendish commented:

“We are delighted to have advised the Vero team on their deal with Accurate. In a rapidly consolidating sector, Vero stood out as being one of only a handful of premium independent assets and we are delighted to have achieved a deal for the shareholders that fully reflects this.”

finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of Nolan Partners, a specialist executive search firm focused exclusively on the global sports, entertainment and related sectors, to Excel Sports Management (“Excel”), a US-based industry-leading sports agency that represents iconic talent, blue chip brands and marquee properties.

Founded in 2006, Nolan Partners primarily focuses on senior executive and board level roles and works on a global basis with clients that range from leading sports teams, governing bodies and other major corporate organisations in sports. Recent client placements range from the National Football League’s (NFL) Seattle Seahawks (pictured) to Major League Baseball, Premier League club Arsenal FC and French Ligue 1 club AS Monaco.

The transaction marks Excel’s first footprint in Europe and will form a key pillar of its international growth strategy. Following completion, Nolan Partners will continue to be led by Chief Executive Officer Paul Nolan and US President Chad Biagini.

The deal was led by Mark Kingston, Partner and Head of Human Capital M&A at finnCap Cavendish and Paris McNicol-Outch, Associate.

Paul Nolan, Founder-CEO, Nolan Partners: "Over the last 16 years, we’ve grown to become the biggest search firm in the world dedicated to executive search in sports and entertainment, working in partnership with brands and wonderful clients across more than 20 countries and in every major sports league. Today, we join with Excel, enhancing our ability to see our clients achieve their fullest potential both on and off the field.

"The finnCap Cavendish team played a critical role in helping us to secure the right partner and home for our business. The team’s recruitment sector expertise and commitment throughout the deal was second to none, I would have no hesitation in recommending them to other business owners considering M&A.”

Jeff Schwartz, Founder and President, Excel Sports Management commented: “Nolan Partners is a globally recognized leader in executive placement due to their unmatched track record, industry connectivity and remarkable growth story”. “At Excel, we strive to be the absolute best at any business we enter and, similarly, Nolan Partners are best-in-class at what they do.”

Mark Kingston, Partner & Head of Human Capital at finnCap Cavendish commented: “We are absolutely delighted to have advised Paul and the Shareholders on this transaction which further demonstrates our leading expertise in the recruitment sector and our ability to complete cross-border deals with highly strategic buyers. With the support of Excel, we believe Nolan is ideally placed to capitalise on significant global market opportunities during the coming years.

finnCap Cavendish, part of financial advisory firm, finnCap Group plc, is pleased to announce it has advised on the sale of NVM-backed Intelling Group Limited, one of the UK’s leading tech BPOs, to London-based investment firm RDCP Group.

Intelling offers business process outsourcing, data management and analytics, and digital marketing solutions to telecommunications and media, utilities, retail, and technology and consulting industries.

NVM first backed Intelling in 2017 when the company was delivering business process outsourcing (BPO) and communications services across three continents to a range of blue-chip clients.

As a result of both investment and additional Board support, the company has been transformed into a £40 million turnover, tech-enabled business employing more than 1,000 staff at multiple sites, both in the UK and overseas. The company now counts blue-chip companies such as Vodafone, TalkTalk, Serco, and Experian as key clients alongside its established relationship with O2.

Founded in 2015 by Sameer Rizvi and Iryna Dubylovska, RDCP Group controls $350 million of investments across multiple sectors, and employs 675 staff members in the UK. This latest deal is RCDP’s seventh acquisition in the last 18 months.

The existing management team led by Phil Morgan, Craig Winnard, Steve Taylor, Glenn Seddington and Kerry Anderson will retain a large stake in the business and will work closely with RDCP founders on Intelling’s future growth strategy.

Mike Dinsdale, Director at finnCap Cavendish, who led the transaction commented:

“It was a pleasure working with NVM and Intelling on this transaction, which will accelerate Phil and the Intelling management team’s ambitions to increase their client base and improve the accessibility of their services, both in the UK and abroad.”

The finnCap Debt Advisory Team has supported Cortland, a leading global multifamily real estate investment, development, and management firm, in its acquisition of Qdime Group, a leading provider of property management solutions in the UK, through the provision of debt financing provided by UK lender Apera Asset Management. 

“We are delighted with the assistance and guidance provided by the finnCap Debt Advisory team to support this hugely important acquisition. The key for us was to find a strategic lending partner in the UK; therefore, the team’s intimate knowledge of the UK debt market and network of lending partners proved essential in achieving this successful outcome.”

Paul Wrights, President of Cortland Europe

finnCap Cavendish, part of financial advisory firm, finnCap Group plc, is pleased to announce it has advised on the sale of GCSEPod (Soundbite Learning), a market-leading digital learning and assessment platform, to Access Group, a leading provider of business management software to mid-sized organizations.

Soundbite Learning is a subscription-based platform which operates primarily through its B2B branded offering, ‘GCSEPod’. Trusted by over 1,700 schools in 40+ countries and with over 10 years in the sector, GCSEPod has expertise in developing continuously award-winning content in a rapidly changing environment. The triple Bett award winner has created exceptional assessment features which pinpoint knowledge gaps and areas of low confidence in groups and for individual students making effective planning and intervention easier. Exam-style assignments can also be used to evidence attainment and the data derived from the platform is unrivalled in the industry.

With education leaders recognising the growing importance that technology plays as they recover from the impact of the COVID-19 pandemic, this marks a highly strategic acquisition for Access Group, integrating GCSEPod’s blended learning and engagement system into its education portfolio.

Access Education is one of the leading providers of software solutions for over 8,000 learning institutions in the UK, dedicated to supporting its education customers through every school, teacher and parent interaction.

Mike Dinsdale, Director at finnCap Cavendish said:

“We are delighted to have advised the shareholders of GCSEPod on this successful transaction. Over the years, the GCSEPod team have built an outstanding, award-winning platform, combining the foundation of learning & assessment into a product that delivers tangible results for students. In Access, we are confident that the business has found the right home and look forward to witnessing the next phase of its growth story.”

John Farrugia, Managing Partner at finnCap Cavendish commented:

“We are very proud to have advised on this deal, further cementing finnCap Cavendish’s expertise in the fast-growing ed-tech market. At finnCap we are passionate about creating equal opportunities for the younger generation and this deal will allow GCSEPod to accelerate its growth plans and continue to provide accessible and engaging digital content for the British school curriculum, allowing students, regardless of their background, to progress in their education.”

finnCap Cavendish, part of financial advisory firm, finnCap Group plc, is pleased to announce it has advised on the sale of Qdime Group, the UK market-leading residential property management service business, to Cortland.

Cortland is a US multifamily real estate, investment and management firm.  It owns and operates nearly 70,000 rental units in the US, and has exported its proven resident-centric rental model to its UK build to rent, leasehold and other private rented sector operations. With this acquisition, Cortland will be in the top ten largest block management providers in the UK.

The acquisition will see Qdime founders, Nigel Burnand and Robert Burnand, stay on to join Cortland as Managing Director Block Operations and Director Block Operations, respectively.  All staff are expected to be retained as part of the transition.

Peter Gray, Partner of finnCap Cavendish, led on the deal.

Peter commented:

“This represents an excellent deal for both parties. Cortland brings significant expertise in the rental property management market which has the capacity to significantly enhance Qdime’s growth.  The Qdime shareholders have achieved a good financial outcome and are confident that the business is now in excellent hands to achieve its significant growth potential.  Following on from the sale of Pimlico Plumbers to KKR backed Neighborly, the deal is yet another finnCap Cavendish transaction where we have found a US acquirer for our clients, emphasizing the strength of our international reach.”

finnCap DebtAdvisory advises Improve International (“Improve”), a global provider of continuing education to the veterinary sector and portfolio company of RJD Partners (“RJD”), on the recapitalisation of the business through a debt facility provided by Santander.

Richard Caston, Partner, RJD: “We backed the MBO of Improve during a global pandemic and opted to equity underwrite the full value of the deal at completion. Having performed well since the MBO, the business was in a strong position to be recapitalised and allow us to return a significant portion of the invested capital to our investors. We mandated finnCap and were very pleased with the range of deliverable options that they presented.”

Chris Convey, CFO, Improve: “The new debt facility from Santander is one of a range of options considered; however, the ultimate financing structure ticked a number of boxes. The facility has enabled us to reduce the business’ cost of capital as well as setting up the perfect platform to execute our growth strategy. The support of the finnCap team was fantastic and enabled me to keep most of my focus on the business whilst having full ownership at critical milestones during the process.”

Alistair Hay, Partner & Head of finnCap Debt Advisory: “It was a pleasure to work with Richard and Chris on the recapitalisation of Improve. Amidst strong interest from lenders, Santander’s offering proved the perfect fit in providing significant liquidity to shareholders alongside flexibility to deliver Improve’s growth plan.”

finnCap Debt Advisory supports Rockpool Investments / Cambridge Maintenance Services on their acquisition of Acorn Engineering Group with funding provided by Clydesdale Bank. The transaction follows the team advising Rockpool on securing senior debt facilities from Clydesdale Bank funds to support the MBO of Cambridge Maintenance Services a leading UK provider of mechanical and electrical engineering services.