Clearwater advises Daisy Group on refinancing for business growth

Transaction

Daisy Group refinanced with Ares

Refinancing

Undisclosed

Role

Adviser to Daisy Group on its refinancing with Ares

Sector

Tech & Tech Services

Region

United Kingdom

Clearwater has advised Daisy Group on the second phase of its recent refinancing with Ares. The Ares debt package consisted of over €1bn of debt facilities to support the company’s “buy and build” investment strategy and was one of the largest private credit financings in Europe.

Clearwater advised Management and Ares on raising Super Senior term debt and RCF facilities of c. €190m to complement the Ares facilities. The facilities were provided by a group of banks and an institutional investor, all keen to support the continued growth of Daisy Group.

Daisy provides IT and telecoms services to over 360,000 corporations of all sizes either directly or indirectly and has over 30 locations throughout the UK.

The banking group consisted of AIB, Lloyds Bank, NatWest Bank and Santander. Legal advice was provided by Eversheds Sutherland, Dechert and Ashurst.

The Daisy Group is a huge success story and we are delighted to support the company in this latest refinancing transaction. Daisy is an exciting company to work with as it continues to develop and build on its growth story. We expect more transactions of this nature to be seen in the future as the private credit market continues to mature and grow and Clearwater is perfectly positioned to assist.
Glenn Clarke, Director in the Debt Advisory

The support of Glenn and the Clearwater team was extremely helpful in this process. Our aim was to form a group of strong relationship banks that can support Daisy into the future and the syndicate that Clearwater put together is well placed to do just that.
Steve Smith, CFO

Ares are delighted to have worked with Clearwater on this transaction which has been seamless and efficient. Ares remains highly supportive of Daisy and look forward to working with the lender group to support the business in the next stage of its growth.
Mike Dennis, Co-Head of European Credit