The funding will provide management with a committed facility to complete the purchase of Hansen Aerospace LLC and First Scottish Group, alongside all rights associated with the Phenna Group brand. Furthermore, capital is committed to near term acquisition opportunities, with three deals expected to close before the end of May.
Phenna Group was first established in summer 2018 to deliver a buy and build strategy within the highly fragmented TICC sector. The aim is to invest in and partner with selected niche, independent TICC companies that serve a variety of sectors, ensuring customers’ peace of mind by delivering first class assurance services.
Welcoming the announcement, Paul Barry, Group CEO of Phenna Group said: “Closing today’s deal will accelerate our ability to create a differentiated group of TICC businesses, with a global footprint. I am hugely appreciative of the leadership team at Phenna Group, who in short order have contributed to this ambitious buy out. We are delighted to partner with the CVC Direct Lending Team, led by Neale Broadhead and are grateful for their support and encouragement, and look forward to an exciting future delivering on our strategy.”
CVC Credit Partners is the dedicated credit arm of CVC. The business provides senior secured loans to established mid-market companies in US and Europe.
Neale Broadhead, senior managing director within CVC’s Credit Partners team commented: “We’re excited by the prospects Phenna Group offers to the international TICC market. This traditionally fragmented industry is ripe for disruption and we’re delighted to be supporting an early mover in the space. We look forward to continuing our partnership with Paul Barry and Eric D’Orio (CEO Hansen Aerospace) who will be driving the business forward and using their platform to make further acquisitions in the TICC space. Their global ambition maps well with the footprint CVC has put in place over the last 30 years."
Phenna Group were advised by Foxford Advisors, London; Dechert LLP (UK and US teams); and MJ Hudson, London. CVC was advised by Ashurst.