Shoosmiths has advised independent private equity firm, Spring Ventures, on a £20m investment into Kent-based IGF Invoice Finance, which has been acquired from the Greater London Enterprise (GLE).
The equity commitment from Spring Ventures expands IGF’s asset based lending facilities for UK SME’s.
An initial investment of £9m will fund the buy-in management buyout (BIMBO) of IGF with further follow on capital of £11m over the next three years to be available. IGF will lend up to £5m to meet the growth aspirations and working capital needs of UK SME’s with revenues of up to £100m.
The facilities may also be used for re-financings, mergers and acquisitions, restructuring and turnaround situations.
IGF currently has a portfolio of over 200 clients and supported small businesses with total sales volumes of more than £300m in the year to March 2015.
Shoosmiths’ corporate team was led by partner Lynn Knight supported by Emma Livesey. Jamie Chambers led on the tax piece, and financial input was provided by Rebecca Mauleverer, Linda Williams and their team. The team advised Spring Ventures on all aspects of the deal including the acquisition of IGF, the equity terms of Spring Ventures’ investment and the financial aspects of the transaction.
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