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Livingstone secures GBP19.5m debt package for Trustmarque MBO

Livingstone Partners’ debt advisory team has concluded a debt refinancing in support of Dunedin’s recently announced GBP43m buy-out of York-based Trustmarque Solutions.

 
Livingstone arranged a GBP19.5m debt package with HSBC Bank, with additional capacity for acquisitions.
 
Trustmarque is a provider of technology services and solutions to private and public sector organisations. The company helps organisations license, deploy and manage technology solutions from a wide range of developers including Microsoft. The business currently serves over 1,200 clients including RBS, Lloyds Banking Group, Sainsbury’s and Capita. Public sector clients include the NHS, Ministry of Defence, Ministry of Justice, HMRC, local authorities and NHS trusts throughout England, Scotland and Wales.
 
Vicky Godliman, chief financial officer of Trustmarque says: “It was great to have Livingstone’s debt advisory team on board at a time when the management team were stretched in completing the MBO and running the business at the same time. The refinancing process was as smooth as we could have hoped for.”
 
Mark Ligertwood, partner at Dunedin, says: “Livingstone’s experienced debt advisory team gave us confidence that we would secure optimal debt facilities to support Trustmarque’s growth ambitions. They efficiently delivered an excellent senior debt package, on the best terms, within a month of completing the acquisition, refinancing our DebtBridge.”
 
Bill Troup, managing director, debt advisory at Livingstone Partners, says: “We ran a competitive process to secure a debt package tailored to Trustmarque’s needs. Through securing detailed but conditional offers of support from a number of potential lenders, we were able to provide Dunedin with the certainty to fund the deal 100 per cent through their own resources. We were then able to complete the refinancing of those facilities within a month of the buy-out concluding. We are delighted to complete another refinancing on behalf of Dunedin.”

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