Trustmarque inks £19.5m HSBC refinance following MBO

York VAR cements banking ties after private equity-backed management buyout

Trustmarque has cemented its banking ties with a £19.5m HSBC-backed refinancing, following the VAR's management buyout (MBO) last month.

A team from HSBC Leveraged Finance, led by director Tom Green, has worked on ironing out the refinance following Trustmarque's £43m private equity-backed MBO earlier this summer. Green claimed the £130m reseller is primed for further growth.

"Trustmarque is a market-leading business with an excellent reputation and service offering for both the commercial and public sectors," he said. "[The] management are of the highest calibre and, having built a relationship over the past 18 months, we are now looking forward to supporting the next phase of growth under their leadership."

The VAR's MBO, which was helmed by chief executive Scott Haddow (pictured below) and sales director Angelo Di Ventura, was supported by mid-market specialised private equity firm Dunedin. The finance house employed its DebtBridge product in the deal.

"Our DebtBridge solution enabled us to get the initial deal done quickly without having to wait for bank debt finance, and then we were able to secure optimal terms for the company following completion," said partner Mark Ligertwood.

York-based licensing specialist Trustmarque employs 180 people and posted turnover of more than £130m for the year to 31 August 2012. The company intends to use the banking of its financing partners to expand its services offerings.

Vicky Godliman, finance director at Trustmarque, said: "The HSBC team was able to provision a banking facility that will fully support the needs of the business as we enter the next phase of our development. Tom Green and the team were supportive throughout the process, taking the time to gain knowledge of the manner in which the business operates to ensure that the deal they proposed was an excellent fit for Trustmarque."