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.

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 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.

The finnCap Debt Advisory Team has advised Rockpool Investments on securing senior debt facilities from Clydesdale Bank. The funds will support the MBO of Cambridge Maintenance Services a leading UK provider of mechanical and electrical engineering services.

Tom Coey, who led the deal for Rockpool: “This deal represents a fantastic opportunity for our investors to support an established and well managed business with an excellent reputation in the facilities management sector. We are delighted with the debt financing package arranged by finnCap, which was a critical element to the completion of the transaction. We were extremely pleased with how the process was managed by the finnCap Debt Advisory Team, which provided us with optionality to select the most appropriate banking partner for CMS."

Alistair Hay, Partner, Cavendish Corporate Finance LLP: "We are grateful for the opportunity to once again work with the ever impressive Rockpool team and know that they have found the right financing partner in Clydesdale for CMS. Likewise CMS has found an ideal and supportive long-term investor in Rockpool and we look forward to watching the business continue to grow in its sector and become the maintenance service provider of choice."

finnCap have advised global award-winning challenger consultancy Elixirr on admitting to AIM following a £25m placing, the first IPO out of lockdown
 
Stephen Newton, Chief Executive, Elixirr International: “It has been a pleasure getting to know and working with the finnCap team despite the limitations of lockdown. Throughout this process finnCap has given pragmatic and considered advice which has culminated in an outstanding fundraise with a blue-chip institutional register. The AIM admission will allow Elixirr to incentivise its employees through shared ownership that will cement our common purpose and drive the business forward. The additional capital will allow us to execute our acquisition strategy so that we can continue to deliver outstanding growth for the benefit of all our stakeholders. We are looking forward with great optimism to the next step of our journey.”
 
Christopher Raggett, Co-Head of Corporate Finance: “We are extremely proud to bring Elixirr to AIM. It represents precisely the type of growing, ambitious, entrepreneurial company the market should seek to attract and it is proof the markets remain open to strong management teams with growing businesses. We look forward to helping Elixirr as they continue their journey now as a listed company.”

Cavendish Corporate Finance has successfully advised Universe Group plc on their acquisition of Camden Technology (trading as Celtech).

Dublin-based Celtech delivers a cloud-based, real-time modular software (“RMS”) platform, providing retail and wholesale management solutions to well-known retail names such as Bestway, One Stop (900 stores) and various Co-Ops, in the UK and Ireland.

The acquisition represents an important technology grab and extension of the customer base, advancing Universe’s HTEC solution by 3-4 years, delivering a boost to recurring revenue, and enhancing prospects for growth.

Cavendish’s Debt Advisory team – led by Alistair Hay and Mike Dinsdale – worked with management in securing £5m of total facilities from HSBC to assist with the initial acquisition consideration as well as provide operational headroom for the enlarged Group going forward.

Jeremy Lewis, Chief Executive of Universe Group plc, commented:

“We are delighted with this transaction as Celtech is a class-leading developer of cloud-based retail and wholesale management solutions. The acquisition allows the Group to offer the very latest in RMS technologies to existing and new customers and extends the Group’s product offering into wholesaling and new geographies such as Ireland. It is expected to be earnings enhancing in its first full year of ownership.” 

 Alistair Hay, Debt Advisory Partner at Cavendish Corporate Finance, commented:

“I’d like to congratulate all stakeholders involved in the successful completion of this transaction and wish all the success to the enlarged group going forward. This transaction also marks an important milestone for the finnCap group, representing the first debt advisory transaction for a retained client and further underpins our ability to provide a full service offering.”

finnCap have advised Gateley (AIM: GTLY), the law led professional services group, on their £6m placing.

Michael Ward, CEO of Gateley said:

"As a result of strong institutional investor demand following our recent results, our employees have today placed 4,000,000 shares with both existing shareholders and a significant number of new shareholders. Our newly broadened share register provides a strong and supportive base from which we can continue to grow our business and we welcome new holders onto our register and thank our existing investors for their continued support.

"In order to satisfy this strong demand, certain of the Directors and employees have, through the Placing, reduced their shareholdings, thereby increasing the Company's free float and spread of institutional investors.

The Placing is consistent with our orderly approach to broadening of the share register since IPO and we fully intend to maintain the same level of discipline and control going forward..

The Board is also reviewing the Company's existing employee share incentivisation arrangements with a view to simplifying the current schemes, and will update the market in due course.

The Group is on track to deliver full year earnings in line with market forecasts, which were raised following the positive Trading Update announced on 23 November 2018, with revenues of not less than £102m and EBITDA margins in H2 19 not less than those achieved previously."

finnCap have advised DX Group plc on their fundraising of £4.76m and restructuring.

The net proceeds of the Fundraising, alongside the Company's existing cash resources, will provide capital for the Group to:

• expand its sales capabilities;
• open new depots and so improve the efficiency of the Group's networks;
• improve IT systems;
• separate the DX Express networks;
• assist with working capital requirements; and
• redeem £262,500 of the Loan Notes, the proceeds of which certain Directors will apply to participating in the Subscription.

finnCap have advised Water Intelligence Plc , a leading provider of non-invasive leak detection and remediation services, on their £4.2m fundraising.

Dr. Patrick DeSouza, Executive Chairman of Water Intelligence, commented:

"With this successful fundraise and the broadening of a high quality investor base on both sides of the Atlantic, we have all the components to create a valuable company:  Strong global demand for the critical problem of water loss and deteriorating infrastructure; a scalable multinational growth plan; and competitive advantages ranging from technology, to a $90 million installed base of total franchisee and corporate sales and business to business channels, such as insurance, that leverage that sales footprint.  And this round was complemented with an expanded credit facility that preserves equity value. On behalf of our team, I am grateful for the support, not only from investors from our last round who are investing more, but also to our new investors with whom we can create value and share this journey."

finnCap have advised Camper & Nicholsons on their £3.3m Open Offer.

finnCap have advised Jelf Group Plc on their takeover by Marsh Limited.