Go to deals
Business Support Services | Consumer & Retail | Private Equity

Improve International has raised funds

Improve International Limited has completed its recapitalization through a US$7.7 million revolving credit facility provided by Santander. In June 2020, Improve International, a carve-out from Benchmark Holdings Plc, was sold to RJD Partners. The deal was equity-underwritten by RJD at the time, with the intention to repay capital 12 months later.

Founded in 1998, Improve International is the UK’s largest private provider (and a global provider) of postgraduate training for all veterinary practice staff. Improve’s primary business is the delivery of veterinarian training, with courses focused on CPD and postgraduate qualifications. The group also has another arm, ISVPS, which provides independent accreditation and certification of Improve’s courses. The business has 84 employees and operates from offices in Swindon, UK, and Porto, Portugal.

Oaklins Cavendish’s debt advisory team, based in the UK, supported Improve International through a full debt raising process, inclusive of preparing a lender information pack, review of financial model, agreeing lender approach, engaging with the lending community, arranging management presentations, overlaying the covenant structure into the finalized model, review of terms sheets, negotiating the most appropriate terms, navigating Santander through their final credit approval committee and leading negotiations on legal documentation.

“The new debt facility from Santander UK is one of a range of options we 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 Oaklins 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.”

Chris Convey

CFO, Improve International Limited

Talk to the deal team

 Alistair  Hay

Alistair Hay

Partner
London, United Kingdom
Oaklins Cavendish
 Krishan  Raval

Krishan Raval

Director
London, United Kingdom
Oaklins Cavendish

Related deals

HC Partners has successfully raised debt financing for the acquisition of AQ Group
Private Equity | Business Support Services

HC Partners has successfully raised debt financing for the acquisition of AQ Group

HC Partners, a Netherlands-based private equity firm, has raised debt financing for its acquisition of the HVAC installation business AQ Group. The financing was provided by ING and Aegon Asset Management. The tailored debt package provides the necessary flexibility in accordance with HC Partners’ vision and AQ Group’s foreseen growth trajectory.

Learn more
Unica has agreed to acquire the Dutch fire & gas business unit from Dräger
Private Equity | Business Support Services | Construction & Engineering Services

Unica has agreed to acquire the Dutch fire & gas business unit from Dräger

Unica, one of the largest providers of technical services in the Netherlands, has signed an agreement for the acquisition of Dräger's Dutch fire & gas business unit. With this acquisition, Unica strengthens its fire safety portfolio. The acquisition of the specialist in fire and gas detection and fire extinguishing materials results in a deepening and expansion of Unica’s fire safety cluster, a leading player in integrated fire safety solutions with 450 specialists.

Learn more
Grothe Bau has been acquired by TERRAS Tiefbau Group
Private Equity | Construction & Engineering Services

Grothe Bau has been acquired by TERRAS Tiefbau Group

The private shareholder of the civil engineering company Grothe Bau Group has sold a majority stake to the TERRAS Tiefbau Group. With this transaction, the combined group reinforces its market position and future growth potential in the civil engineering sector.

Learn more