The Birmingham office of Gateley Legal has advised Shard Credit Partners on the provision of a £8.75m facility to fund the acquisition of The Technology Group (TTG) by Gradwell Communications, an investee company of Chiltern Capital.
Shard Credit Partners is an innovative provider of alternative financing solutions to small and medium-sized enterprises (SMEs) operating throughout the UK regions. In the past two years, Shard Credit Partners has invested more than £117m in supporting regional management buy-uut transactions and M&A buy-and-build acquisition strategies, as well as growth capital expenditure financing. This transaction with Chiltern Capital represents the first transaction by Shard Credit Partners for a private equity-owned business.
Gradwell Communications is a UK provider of hosted telephony, connectivity, and cloud-based software, serving a diverse customer base of over 7,800 SME customers. The services allow SMEs to transition smoothly and efficiently to a flexible, scalable remote working setup with cloud-based functionality. The acquisition of Leeds-based TTG, which provides over 890 SMEs with comprehensive end-to-end cloud-based communications, including Voice over IP, video, chat and collaboration technologies, will provide excellent opportunities to cross-sell and will place Gradwell Communications in a strong position to broaden their customer base and capitalise on the rapidly growing UK cloud communications market.
Andrew Madden, a partner in the banking and finance team, led the deal, supported by Andrew Cowan, a partner in Gateley Legal’s corporate team, and banking and finance solicitor, Christian Wiltshire.