Debt Adviser of the Year
BDO Debt Advisory
There are many reasons to be optimistic about the leverage finance market for UK private equity in the mid-market. The robustness and breadth of debt markets is proving to be a key positive in supporting private equity for three main reasons:
- Providing flexible capital for borrowers still adjusting to higher interest rates and inflation-driven costs
- Enabling sponsors to return cash to LPs while a valuation expectations gap exists between sellers and buyers; and
- Driving returns multiples by actively supporting buy & build strategies.
The period has been a fascinating time for BDO Debt Advisory as we supported sponsors across a full range of transactions, including stretched refinancing mandates, dividend recapitalisations and mainstream transactions. Our experience in helping borrowers prepare before they approach the market has never been more valuable. Our recent experiences demonstrate the debt markets remain in rude health.
We worked with three first-time sponsors in the prior 12 month period, set up a real estate debt advisory arm and completed our first private equity deal in the Nordic region. We also completed two consumer deals including a landmark CAA-regulated private equity investment in the retail travel sector – the first since the pandemic.
Clearwater
During the qualifying period, our European Debt Advisory team completed a total of 41 transactions involving private equity. Our team is sector and product-independent and advises on transactions covering leveraged loans, ARR loans, corporate loans, special situations loans, hybrid financing and Asset Based Financing for a range of purposes, including acquisition financing, refinancings, covenant resets and amendments.
Following aggressive expansion, we are now one of the largest and most active independent Debt Advisory teams in Europe, and compromise of over 40 dedicated professionals, whilst maintaining a local presence across European markets including the UK (London, Manchester, Birmingham and Leeds), France (Paris), Germany (Frankfurt), Italy (Milan) and Finland (Helsinki).
Our Debt Advisory team has an extensive network of strong and productive lender relationships having approached c.60 lenders (including unitranche providers and banks) in the period and actively discussing c.30 mandates currently, giving us up-to-date knowledge and insight of what can be achieved in the European debt markets.
Some of our standout debt advisory transactions over the last 12 months in the UK include advising:
- Livingbridge-backed FluidOne on its refinancing
- Inflexion backed Celnor on its refinancing
- Cooper Parry on its acquisition of Haines Watts
Deloitte Debt Advisory
The pendulum has swung firmly back to the borrower… and even for the most challenging credits! Whilst base rates remain elevated, we’ve had predictability and stability which has translated to constructive discussions between borrowers and lenders, increased flexibility and creativity to accommodate pressure on cashflows and an unlocking of previous inertia.
Across the spectrum of size, sector and creditstrength, the Deloitte Debt Advisory team capitalised on this momentum to secure highly competitive terms in respect to economics, covenants (or lack of) and future debt incurrence for our clients. Alongside buysides and refinancings, we’ve focused on (1) deliverable debt packages via structured lender education processes to optimise M&A execution and (2) releasing capital via NAV transactions, enabling sponsors to support value accretive portfolio acquisitions.
As one of the most active debt advisers in the market, with a combination of scale, breadth of specialist expertise (subscription / GP / NAV, real assets, hedging & derivatives) and deep institutional relationships, our clients have benefited from our extensive touch points across the debt markets. The UK team supported 48 sponsors in the judging period, raising over £2.5bn of committed financing, from £5m debt packages to over £1bn.
Lincoln International
Lincoln International is a leading global investment bank, specialising in mergers and acquisitions, debt and capital advisory, private funds advisory, and valuations and fairness opinions. With over 1,000 professionals across 20+ offices in 15 countries, Lincoln leverages deep local knowledge and strong global connections. The firm delivers senior-level involvement and industry insights, making it one of the most active mid-market advisers. In 2023, Lincoln completed over 300 transactions, with more than 45% being cross-border, reflecting its global reach and expertise.
The Capital Advisory Group is a vital part of Lincoln, comprising 75+ professionals who provide debt and capital advisory services worldwide. The team supports clients throughout the entire investment lifecycle—buy-side, growth, acquisition, refinancing, recapitalisation and sell-side—across all major sectors and geographies. Through strong relationships with more than 600 capital sources globally, Lincoln delivers positive outcomes for clients, even in challenging markets. In 2023 alone, the Capital Advisory Group successfully closed 50+ transactions, demonstrating its effectiveness.
Lincoln’s Capital Advisory Group also collaborates closely with sector-focused M&A teams, offering comprehensive services. With a robust presence in Asia, the Americas and Europe, Lincoln provides unparalleled cross-border advisory, delivering exceptional value to its clients.
Voting Closed
To find out who won, book a table at the Mergermarket British Private Equity Awards on 01 October 2024, by contacting Chris Coe.