Guggenheim Investments led a refinancing of UK-based Causeway, a provider of software services for the construction sector. Guggenheim provided 38 million pounds of the transaction that raised 40.5 million pounds. Tomorrow Partners LLP advised Causeway on the refinancing.
Causeway – the UK’s leading dedicated provider of software services to the construction industry – today announces the successful completion of a refinancing of the group. Causeway was founded in 1999 and has grown revenues to over £21m in the year ending 31 December 2016. The company has 200 employees supporting nearly 2,000 customers in the UK.
The £40.5m refinancing was led by Guggenheim Investments, who have provided £38m of new term facilities. The facilities also incorporate substantial headroom to support both organic and potential acquisition led growth, with built-in capacity to raise £50m of incremental facilities.
Commenting on the refinancing Phil Brown, Founder and Executive Chairman of Causeway, said “we are delighted to be entering this new partnership with Guggenheim, who have significant experience of financing growth in software businesses globally”.
Joe McCurdy, Global Head of Origination at Guggenheim Investments, added “we are looking to support growing businesses with an established track record and the ability to further expand through investment in R&D or future acquisitions. We believe Causeway is an excellent fit with that strategy”.
Colin Smith, who joined Causeway as CEO in 2017, said “the refinancing provides us with a platform to take Causeway to the next level, through further investment in our existing business and selective potential acquisitions. It is very exciting to have joined the company at this stage of its development.”
Causeway was advised on the refinancing by Tomorrow Partners LLP. Detailed financial terms were not disclosed.
As one of the world’s leading suppliers of software for the built environment, Causeway solutions play a key role through the Design, Build, Operate and Maintain phases of the built environment. Our software is at the heart of activities as diverse as the cost planning and construction of major building and infrastructure projects, driving efficiencies in supply chain management and optimising the performance of service & maintenance workforces.
About Guggenheim Investments
Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, with more than $217 billion in assets across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 275+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification and attractive long-term results.