H.I.G. WhiteHorse, a credit affiliate of global investment firm H.I.G. Capital, has arranged and provided unitranche debt financing to support JZ International’s acquisition of a majority interest in Winn Solicitors. The transaction has received the required approvals from the Solicitors Regulation Authority and Financial Conduct Authority.
H.I.G. WhiteHorse, a credit affiliate of global investment firm H.I.G. Capital, has arranged and provided unitranche debt financing to support JZ International’s acquisition of a majority interest in Winn Solicitors, a leading provider of legal and claims management services in the UK. The transaction has received the required approvals from the Solicitors Regulation Authority and Financial Conduct Authority.
While financial terms of the transaction were not disclosed, the new financing will be provided as a unitranche debt facility, which carries a 7-year tenor with no amortisation payments until maturity and pays a combination of cash and accrued interest. The financing structure has been designed to provide the Company with the flexibility required to pursue growth opportunities in the rapidly evolving claims management market.
Martin Wright, Senior Partner at JZ International, said: “We are pleased to have H.I.G. WhiteHorse as a financing partner – their flexible and pragmatic approach was extremely helpful in bringing this unique transaction to completion smoothly.”
Jeff Winn, Founder and CEO of Winn Solicitors, added: “H.I.G. WhiteHorse have demonstrated understanding and support for our business and strategy and I am glad that they will participate in the expansion of Winn Solicitors platform.”
Appu Mundassery, Managing Director at H.I.G. WhiteHorse, commented: “We are delighted to be able to play a role in helping JZ International take Winn Solicitors into the next phase of growth. This transaction demonstrates our willingness to support sponsor-backed businesses with bespoke, flexible and deliverable financing solutions in a timely manner.”
About Winn Solicitors
Winn Solicitors provides personal injury litigation services and processes approximately 8,500 claims per annum. The Company provides a full accident management service to consumers involved in non-fault road traffic accidents, from claim processing to car replacement and post-injury medical rehabilitation. Since its foundation in 2002, the Company has demonstrated strong organic growth and is well positioned to take advantage of the recently-implemented regulatory changes. In the year to March 31, 2013, the Company generated revenues of approximately £40m and it employs over 290 people at its Newcastle headquarters.
JZ International’s acquisition, backed by H.I.G. WhiteHorse, will provide the Company with the financial and operational support to actively participate in the consolidation of the legal services industry and to continue its dynamic expansion.
About H.I.G. WhiteHorse
H.I.G. WhiteHorse is the credit affiliate of H.I.G. Capital focused on providing flexible debt financing solutions to middle market companies in Europe and the United States. Operating a broad investment mandate, H.I.G. WhiteHorse provides unitranche, senior and subordinated debt capital for refinancings, growth capital, acquisitions, buyouts, and balance sheet recapitalizations. Credit facilities typically range from €10 million to €75 million for companies with revenues of €40 million or more.
For more information, please refer to the WhiteHorse website at: www.higwhitehorse.com
About H.I.G. Capital
H.I.G. Capital is a leading global investment firm with more than €10 billion of equity capital under management. Based in Miami, H.I.G. Capital has offices in Atlanta, Boston, Chicago, Dallas, New York and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Paris and Rio de Janeiro.
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