Portfolio

Portfolio Overview

Strong presence in key commercial and industrial regions.

Broad sector exposure.

Case studies

Long standing IT solutions and services

Overview of the borrower
  • Long standing IT solutions and services company founded over 50 years ago
  • Core business lines include IT services, consulting, payroll outsourcing and business solutions covering enterprise resource planning
  • Regional leader with a tier one client base and contracted pipeline offering visibility on cash flows
Overview of the transaction
  • The borrower was looking to execute an MBO as part of a generational transition and Be-Spoke Capital funded part of the capital stack alongside long term bank funding and shareholder equity
  • The borrower required certainty of funds and in order to expedite the transaction the loan amount was held in escrow until the relevant condition precedents had been met
Be-Spoke Capital value add
  • Ability to structure the loan alongside the banks, making up a critical part of the capital structure
  • Long term loan (5.5 years) and the 4 year grace period prior to amortization was compatible with the amortization profile of the other lenders
  • Certainty of funds and the flexible structuring of our loan enabled the incoming management team to execute the MBO quickly and efficiently, whilst the incumbent management team were able to realize a cash event

Group of private schools throughout Spain

Overview of the borrower
  • Group of private schools throughout Spain
  • Started with one school over 20 years ago and have grown organically to have 7 schools throughout Spain
  • Differentiated product offering with bilingual education under a UK curriculum, which has helped develop a well established, recognizable brand
Overview of the transaction
  • The borrower wanted to increase capacity in a school that was experiencing increasing demand
  • They were unable to secure bank funding, as the building was on a long-term lease and it’s other properties were already mortgage.
  • In addition, timing was a factor, as the CAPEX had to be completed prior to the new school year starting, which left a window of c. 3 months
Be-Spoke Capital value add
  • Ability to provide an unsecured loan given strong cash flow generation and the long term lock-up of cash flows, due to low student attrition rates
  • Long term loan (5.5 years), with a 4 year grace period prior amortization
  • Execution of the transaction took less than 3 months, enabling the CAPEX to be completed prior to the start of the new school year. As a result of the increased capacity, the number of students grew by over 20%
  • This contributed to the growth in enterprise value and the sale of part of the Group to a private equity investor, realizing a material gain

Vertically integrated egg producer

Overview of the borrower
  • Vertically integrated egg producer, which covers breeding, feeding, logistics and transportation of the final product across Europe
  • Family-owned business with > 50-year track record
  • Strong asset base with proprietary industrial warehouses, distributed among multiple operating centres across Spain
Overview of the transaction
  • The borrower was looking to invest into a specific market opportunity, given the growth in recent demand
  • The banks were unable to provide competitive terms on an unsecured basis
  • In addition, the borrower was looking to diversify their lender base and explore relationships with non-bank lenders
Be-Spoke Capital value add
  • We were able to provide long term capital and an alternative to the traditional banking relationships
  • The 4-year grace period of the loan allowed the new project to ramp up, which is currently generating strong cash flows
  • The company was able to diversify their product offering, which has enabled them to increase their margins and enter new markets
  • Our long term capital helped to improve the capital structure and allowed the borrower to negotiate betters terms with existing lenders