Deal summary

CSI provides mission critical managed services to mid to large sized corporates with complex IT requirements, delivering solutions which combine expertise across infrastructure, applications and cyber security. CSI's approach enables it to manage, improve and secure core IT systems that sit at the heart of clients' operations. The business benefits from an attractive client base that generates a strong quality of earnings from multi-year contracts together with high cash conversion.

CSI has developed and acquired highly technical skillsets across a wide variety of technologies, in particular with market leading expertise in SAP and IBM. 

MML invested alongside IT industry veterans Alan Watkins and Kevin Lewis who, through their investment vehicle Blackhawk Capital, acquired CSI in 2012. Over the last five years they have grown CSI through a combination of acquisitions and significant organic growth.

What difference did we make?

MML approached us to assist them with finding the best debt funding options for their acquisition. The first step was to ensure that we understood the key goals and priorities of the shareholder group in relation to the debt package sought. A select group of potential funding partners including banks and debt funds were approached to meet management and competitive tension maintained throughout.

After our debt advisory team reviewed the offers, it became clear that a debt fund option was the preferred option. This would allow increased covenant headroom and greater flexibility with ongoing acquisition funding. Terms were negotiated with Permira for a unitranche solution with the incumbent, RBS, providing an RCF for working capital.

We then managed the funding process to a successful completion and to a compressed timetable. We also supported MML with sector insight and valuation work.

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