SamCorp advised John Onslow and his team on the management buy in / buy out (BIMBO) of IGF Invoice Finance (IGF) from Greater London Enterprise (GLE).
Experienced commercial lending professional, John Onslow approached SamCorp to advise him on the buyout and introduce a funder for the transaction. After speaking to a number of potential funders, Spring Ventures were selected as the preferred equity provider.
Spring Ventures will initially invest £9m to fund the acquisition and provide growth capital. It will commit a further £11m of follow on capital over the next three years and will take a majority stake. With continued demand for SME funding, the team intend to grow IGF’s invoice lending platform into an asset based lending business of significant scale.
John Onslow commented,
“I have known and worked with SamCorp over a long period of time. When I decided to re-enter the market I wanted to work with someone that I trusted and that I knew would be able to understand what is a pretty complicated business model. SamCorp started by advising on the initial acquisition and progressed to help find the right equity and debt funding partners to fund our growth. Throughout the process I found them to be professional, hard-working, and with a keen understanding of the trials and tribulations that all such transactions inevitably go through.”
Established in 1997, the company is headquartered in Tonbridge, Kent and currently employs 38 people. Following the investment, the business will hire additional staff and expand its national presence across the UK.