Transaction

Clearwater advises SKS Business Services on raising a £48m funding package from Kartesia to support the Group’s ambitious growth strategy

Transaction

SKS Business Services raising debt and equity facilities from Kartesia

Financing

£48m

Role

Adviser to SKS Business Services on raising a funding package from Kartesia to support the Group's growth strategy

Sector

Business Services

Region

United Kingdom

Clearwater has supported SKS Business Services (SKS), a London-based accountancy and tax services business, on raising debt and equity financing from Kartesia.

Founded in 2007, SKS is a leading provider of accountancy, tax and finance services to more than 12,000 UK-based small and medium-sized businesses. Under the stewardship of founder CEO Sanjay Swarup and his management team, SKS has actively pursued a buy-and-build strategy, acquiring and integrating over 16 acquisitions over the last 8 years.

Over the past 5 years SKS has increased fee income from €4m (£3.5m) to €21m (£18m) in 2021 (415%), and the financing will be used to continue integrating around larger high street accountancy practices over the next 2-3 years (typically, but not exclusively, those with £1-£10m turnover).

The Group continue to drive efficiencies in the UK Accounting and SME Finance Function marketplace with focus on automation, high service levels to clients and integration of complimentary accounting practices to the platform.

Kartesia has committed €55m (£48m) of capital from its KCO IV and V funds, with the proceeds being used to support the refinancing of existing debt facilities, financing a strong pipeline of acquisitions, and other working capital purposes.

image 75

We thank Clearwater, who remained our trusted advisers throughout the entire process. The team were an excellent help and were critical to us getting this deal over the line. SKS welcomes Kartesia both as a shareholder and a debt partner. The new financing will enable us to continue leveraging our decade long buy and build experience.

Sanjay Swarup, CEO, SKS Business Services
image 75

We are delighted to have worked with the Clearwater team to secure a great outcome for our business. The team have organised a funding package which suits our requirements and future plans. Their market and sector knowledge has been crucial to us securing the best financing solution for our needs.

Rosemary Penn-Newman, CFO and Corporate Finance Director, SKS Business Services

It has been a pleasure working with Sanjay, Rosemary and the entire SKS team to complete this transaction. The debt and equity package provided by Kartesia will give the business the firepower it needs to move into the next phase of its growth plans. As a leading provider in the industry, I am certain the business will continue to go from strength-to-strength.

Chris Smith, Partner, Clearwater

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