A £65m unitranche facility for a buy-and-build strategy

The Challenge

Pennard was backing a platform business planning to acquire eight to ten smaller competitors over four years. The facility needed to fund the first acquisition immediately and flex for the rest without renegotiation each time.

Our Approach

We drafted a single unitranche facility with a committed accordion and a clear permitted acquisition regime, so each bolt-on could be funded on known terms.

Our corporate team reviewed the first target in parallel, which meant finance and acquisition documents were agreed and signed on the same day.

The Outcome

The facility closed in five weeks and has since funded three further acquisitions with no amendment to the core terms.