Barings and Ardian Private Debt have provided a senior credit facility to back Macquarie’s acquisition of UK-baesd Premier Technical Services Group, a health and safety services company. No financial terms were disclosed.
LONDON, U.K. (August 5, 2019) – Barings, one of the world’s leading financial services firms, today announced that it has served as joint mandated lead arranger alongside Ardian Private Debt on a senior secured credit facility to support Macquarie’s acquisition of Premier Technical Services Group (“PTSG”), a UK health and safety services company. The acquisition saw PTSG delisted from the London Stock Exchange and represents one of the few public-to-private transactions backed by credit funds in the UK to date. Financial terms were not disclosed.
Headquartered in West Yorkshire, PTSG is a leading provider of specialist health and safety testing and services, including façade access and fall arrest equipment services, lightning protection and electrical testing, specialist building access and fire services. The business employs over 1,200 people across 31 sites and provides services to over 20,000 customers including banks, corporate offices, hotels, hospitals and residential properties.
“PTSG provides a multi-service offering that differentiates it in the Testing, Inspection and Certification market,” said Matt Carty, Director for Barings Global Private Finance. “It benefits from substantial recurring revenues, high margins and a strong management team with a track record of integrating acquisitions and driving operational improvements. It was a pleasure to work with Macquarie on the transaction and we look forward to supporting PTSG as they continue on their growth trajectory.”
Barings Global Private Finance, part of Barings LLC, is a 70+ investment team located in seven offices on four continents. GPF has a 40-year track record of successfully financing middle-market buyouts, acquisitions, and recapitalizations. With product capabilities that range from traditional senior debt to bespoke junior capital securities, and hold sizes of $250 million+, Barings is focused on providing capital solutions that help our private equity clients complete their deal on time and as expected. Our long-term commitment to the asset class, local origination in each region, consistent team, and broad range of investment capabilities, are designed to provide investors an absolute spread premium to broadly syndicated loans as well as an attractive risk-adjusted return potential.
Barings is a $325+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, we provide innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific. Learn more at www.Barings.com.
*As of June 30, 2019