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Business Support Services | Consumer & Retail

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.

Service
Funding, debt advisory & ECM
Parties
“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

Associate Director
London, United Kingdom
Oaklins Cavendish

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