Improve International has raised funds

June 2021 — 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.

Our role in the transaction

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.