Read our story
In simple terms we are an independent corporate finance specialist with a focus on Debt and M&A, with offices in London and Amsterdam. But our strengths go much further than that. We’re a business built on tenacity and ambition. The tenacity to challenge rigid methods and standard solutions. The ambition to offer something distinctive and better.
Drawing on extensive experience in Renewable & Flexible Energy, Economic and Social Infrastructure and Real Estate, we have the knowledge and agility to uncover opportunities others don’t see. We continuously explore smarter ways to structure transactions so they deliver greater value – whichever side of the table you’re on.
Most importantly of all, we work at the centre, not the edge, of every transaction we do, managing the process from inception to financial close. Diligent, supportive and resourceful, we’re there with you – leaving no stone unturned to get the best possible deal done, to everyone’s satisfaction.
In the field of finance, the old saying that there’s ‘more than one way to skin a cat’ still holds true. Sadly, that’s not the view that many in our industry take. The result is an uninspiring way of working that fails to maximise opportunities or deliver real value.
We work differently. Utilising our vast experience, we aim to find smarter ways to fund and structure deals and debt financings to your best advantage. After all, isn’t that exactly what corporate finance specialists are supposed to do?
Going above and beyond
Introducing borrowers to lenders, or buyers to sellers, is only part of the story. Success depends on bringing deals to fruition. There’s a skill to that, which is where our experience and expertise comes in. Diligent and tenacious, we closely manage every deal we do: supporting, advising, negotiating and if required finding alternative solutions to ensure that each deal closes on time and on budget – leaving no stone unturned
We are pioneers in the development of both equity and debt financing solutions to the Renewable & Flexible Energy sector. As early as 2011, we structured and arranged the first ever solar bond, refinancing two UK ground mounted assets. Since then, we have worked with a large number of sponsors and developers, raising both equity and debt for different renewable & flexible energy technologies.
IDCM focuses on traditional infrastructure businesses such as ports and utilities as well as subsectors including district heating, smart meters, and telecoms & fibre networks. We see continued demand for Debt and M&A services particularly in the telecoms, digital and data services where an exponential increase in demand for such services will require significant investment.
We work tirelessly to raise funding for borrowers that are able to offer investors certainty of income and have a socially responsible investment angle. Our pragmatic and ‘can do attitude’ has seen us deliver the first long dated institutional loan and the first private placement in the listed care home REIT sector.
IDCM assists a wide range of borrowers in the Real Estate sector. We focus on alternative assets where our unique added value is in our ability to structure and arrange secured and unsecured transactions, in the bank and capital markets, that suit and rely on the particular features of a borrower’s business model. In addition, we have significant experience with discreetly re-negotiating terms of existing debt documentation.
IDCM advised Enpal on the sale of 90% of two of its largest existing portfolios consisting of 60,000 residential PV systems, 55,000 battery Storage systems and 30,000 EV charging units. The sale is the first of its kind at this scale and represents the largest residential PV system AssetCo portfolio sale in Europe.
IDCM played a significant role in updating the four financial models having previously built three of them during debt mandates.
Given IDCM’s previous involvement, IDCM played an important role in negotiating Change of Control with junior lenders and agreeing on new repayment terms.
A consortium of Equitix and Keppel Infrastructure Trust acquired the majority stake in the portfolio at an enterprise value of €1.6 billion.
€101m Term Loan and €17m VAT Facility
IDCM was mandated by Peridot Solar to structure and arrange a financing that could be used to finance the construction and operation of a C.180MW portfolio of ground mounted solar assets located in Italy, that would be underpinned solely by merchant revenues, a first such transaction to be contemplated in the Italian market.
IDCM helped engage and worked closely with third-party advisors, built a financial model and produced a detailed IM, that included extensive analysis of the Italian market and power prices.
A competitive process was run, where IDCM approached both institutional investors and banks. Central to the process was the Sponsor wanted to maximise day one leverage whilst maintaining flexibility on terms of prepayment and/or the sale of assets within the portfolio.
After a rigorous term sheet negotiation process with short listed lenders, a single lender was selected. IDCM then worked with all third-party advisors to close the transaction and satisfy all CP’s in a timely manner to allow funds to be deployed.
Buy Side Adviser
Co-advised a consortium of Swiss Life Asset Managers and Schroders Greencoat on the acquisition of Equans’ UK district heating and cooling network activities for an enterprise value of £260m. Sole debt adviser on the implementation of a £75m Capex Facility and a £25m RCF.
IDCM were central to the transaction process, helping with the engagement of, and working closely with third party advisors. We helped negotiate a complex carveout which required waiving multiple CoC clauses and the migration of existing PCGs. Following signing of the SPA, IDCM was responsible for advising on a Capex Facility, RCF and LC’s. This involved amending the equity model and running a competitive process with lenders to enable the Consortium to achieve the most competitive terms.
IDCM introduced the opportunity to Swiss Life Asset Managers and Schroders Greencoat. IDCM provided valuable bid tactics advice which helped the Sponsors to secure an exclusivity agreement prior to the binding bid date.
IDCM conducted thorough reviews of the vendor’s and buy-side due diligence reports, using our experience to challenge advisors’ assumptions and maximise value for the Consortium.
IDCM helped facilitate the timely resolution of key issues to meet the closing timetable.
€20m Term Loan and €30m Letter of Credit
Advised abrdn on the refinancing of their c.20% stake in Noordgastransport B.V (“NGT”), a gas processing plant and network of gas pipelines on the Dutch Continental Shelf.
IDCM managed the process with the Reserve Consultant, to establish bankable volume forecasts, focussing on existing Producing and Near-Term Development volumes.
IDCM adapted an existing internal abrdn model and converted it to a fully audited and bankable transaction financial model.
In spite of challenging market conditions, including lender ESG realignment away from hydrocarbon assets, as well as reputational and sanction concerns due to partial Russian ownership of certain gas fields that use the pipeline in the wake of the Ukraine conflict, IDCM was able to identify potential lenders with appetite for the transaction.
In addition, IDCM also managed the full prepayment and swap breakage of existing senior and junior debt facilities.
To minimise trapped cash at the borrower level, IDCM successfully negotiated the inclusion of a DSRF, rather than a DSRA. The lender also provided a €30m LC which was necessary to allow upstreaming of cash to the Shareholder.
£75,000,000 Senior Secured Fixed Rate Notes
IDCM arranged a £75 million Private Placement with an initial drawdown of £37 million and a delayed drawdown of £38 million. The notes were bought by two UK insurance companies.
This transaction marked Impact’s debut in the institutional debt market and is secured on a diversified portfolio of care home assets on long term operating leases, with the benefit of a corporate guarantee. We structured the transaction to the borrower’s current and future needs allowing them to lock into historically low rates while raising both cash for existing assets and for a pipeline of acquisitions that had an uncertain timeline.
Given the long-dated nature of the borrowing (14 years), we sought to ‘future proof’ the financing and included a feature that enables the security package to fall away in due course once certain pre agreed criteria are met.
£50,000,000 Senior Secured Fixed Rate Term Loan due 2032
IDCM were mandated by Target to arrange a £50m 12 year Term Loan, secured on a pool of modern purpose built care homes in the UK. We were pleased to have concluded this refinancing in what is generally seen as a “difficult” sector with a chequered past, in which highly levered operators and conservatively geared landlords, such as Target, are all too often tarred with the same brush.
A single institutional investor provided the funds for what, we believe, was the first long dated institutional corporate (non CMBS) debt transaction for a landlord in the Care Home sector.
IDCM worked closely with potential investors to help them appreciate the difference between the landlord and operator model. We carefully structured the transaction to allow Target sufficient operational flexibility.
€75,000,000 Senior Secured Fixed Rate Notes + €75,000,000 Shelf Facility
Following a number of successful prior engagements to raise Euro and Sterling denominate debt for PHP in the private placements market, IDCM acted as the arranger of another 12 year, Euro denominated private placement. This transaction consisted of an initial issue of €75m of notes, and a €75m shelf facility.
While the debt was drawn in Euros, the collateral for the transaction consisted of UK based primary care centres. Testament to our ability to find pragmatic solutions, IDCM negotiated a unique tailor-made due diligence approach where title insurance was obtained for a number of properties in the collateral pool alongside traditional CoTs for a number of others, saving PHP time and money. In addition, we agreed that the CoT’s could be delivered as a condition subsequent rather than a condition precedent.
£200,000,000 Senior Unsecured Fixed Rate Notes
We raised £200 million unsecured debut private placement for Northumberland Estates. Through various trusts and companies, the Duke of Northumberland owns a very diverse commercial and residential property portfolio, including Alnwick Castle, as well as a house builder and many acres of forests (including a sawmill), livestock and prime arable farmland, acquired over some 1,000 years.
The transaction was put in place to refinance a number of smaller non-recourse, secured short term bank facilities on an unsecured basis and for a significantly longer term, in keeping with the Estate’s objectives. The transaction was split across two borrowers and a number of maturities ranging between 20 – 43 years to suit both the Estate and the US and UK based insurance companies that bought the notes.
With big ambitions and the highest standards.
Providing the best answers, not the easiest ones.
Backing-up what we say with clear evidence and specialist expertise.
Supporting our clients and each other, however tough it gets.
Drawing on our extensive experience and strong networks to find better solutions.
Going beyond the expected to offer something fresh and interesting.
Stuart is a co-founder and Board Member of IDCM and started the business to open up and develop the debt capital markets to mid-caps as he believes the bank’s standardised funding model is not suitable for every borrower.
Approaching every deal with clear insight and intelligence, together with Elise Huttenga he has developed IDCM’s business in the Real Estate, Social and the wider Infrastructure sectors, gaining a reputation for finding the funding structure and solution that works best for each situation and client.
It has proved to be a distinctive and successful formula and each transaction provides clear evidence that by applying careful thought and years of experience, IDCM can deliver a better funding outcome for their clients.
Before founding IDCM in 2009, Stuart’s 30 plus year career involved holding senior positions in Trading, Syndicate and Debt Capital Markets at SG Warburg, Kleinwort Benson, Credit Suisse First Boston and latterly as Head of European Corporate DCM at ABN AMRO.
Justin is a co-founder and Board Member of IDCM. Whilst he spends much of his time working on M&A and Debt transactions in the Renewable & Flexible Energy sector, Justin also utilises his expertise and experience in other sectors to develop the business more broadly.
Justin has always been of the view that building long term relationships and trust with clients will serve the business well in the long term. He is also a keen believer in teamwork and working with the younger members of the team to help their development and progress.
Justin’s successful career is rooted in a ‘can do’ attitude and attention to detail – a combination that has served his clients well for over 30 years.
Before founding IDCM, Justin was Global Head of Debt Capital Markets and Asset Backed Securitisation at ABN AMRO, responsible for all primary fixed income activities globally.
Elise is a Board Member of IDCM, together with Stuart Bell she is responsible for origination, structuring, and distribution of transactions for borrowers in the Real Estate and (Social) Infrastructure sectors.
Over the years, Elise’s transaction management, structuring and documentation skills have proven invaluable to many clients. Using her significant experience in direct dialogue with investors, lawyers and other advisers, she has pioneered structures and negotiated operational freedoms for both frequent and first time borrowers. She has a keen eye for detail and a good sense for investor relations and marketing requirements.
Elise is responsible for Compliance in the United Kingdom and the Risk Director for IDCM in Europe
Prior to joining IDCM Elise was Head of UK and Dutch Corporate DCM at ABN AMRO in London, responsible for originating and executing debt transactions and liability management, across all major currencies.
Jean-Christophe is a Board Member of IDCM. He focuses primarily on the Renewable & Flexible Energy sector and has been at the forefront of developing IDCM’s business internationally. JC is the Business Development Director for IDCM in Europe.
Combining his in-depth knowledge of renewable energy technologies and the relevant regulatory frameworks with his structuring skills, JC pioneered the development of an institutional debt market for renewable energy assets. He established the first conduit financing vehicle dedicated to renewable projects, The Renewable Financing Company. He also led the first debt financing for a UK battery storage project.
Prior to joining IDCM, JC worked at RBS where he was responsible for the origination and execution of all debt capital markets products for transport, infrastructure and TMT clients in the UK. He holds an Advanced Master Degree in Finance from ESSEC Business School and an MSc in Economics from the University of Lyon.
Martin joined IDCM in 2021 to head up the M&A practice. Martin has extensive M&A experience across the energy and infrastructure sectors, having spent 14 years in the industry, at DC Advisory and Macquarie Capital.
Martin brings expertise in originating and executing mid-market transactions for infrastructure investors, private equity funds and developers of infrastructure assets. Although Martin focuses on originating off-market transactions for his clients, he also has a proven track record of winning competitive buy-side processes. His know-how of bidding strategies, knowledge of valuation approaches used by different types of investors and deal structuring have benefited many of his clients.
Martin holds Masters Degrees from Brandeis International Business School and INSEAD University.
Chris leads our financial modelling team. He works on projects across sectors both in a supportive capacity of our deal-focussed teams, but also leads on the financial model provision for our external clients.
Chris has c. 20 years of experience in providing financial modelling services, with particular focus on infrastructure, energy, regulated sectors and real estate assets. Whilst he is a financial modelling guru, more importantly he has the skill set to communicate the complexity that is often involved with modelling to non-technical audiences, maintaining friendly client relationships to ensure that everyone involved remains informed and comfortable.
Prior to joining IDCM Chris led a large financial modelling team at Grant Thornton UK.
Bob has over 35 years of investment banking and advisory expertise and as a result has considerable experience of structuring and arranging different forms of financing across a broad range of sectors.
Bob has completed extensive advisory work including advice on how to move from secured to unsecured funding and liability management. He has arranged all manner of debt transactions from acquisition facilities, to the UK’s first single property securitisation as well as more mainstream bank debt as well as bond and convertible bond issues for a range of UK corporate borrowers.
Before working with IDCM as a Director, Bob was head of UK Capital Markets Origination at Dresdner Kleinwort and prior to that he was at Baring Brothers & Co Limited.
Leo joined IDCM’s Debt team in 2021.
In the 9 years prior to joining IDCM, Leo worked at Société Générale, Verus Partners and most recently ING where he advised corporates and governments on infrastructure, natural resources and energy projects across EMEA, the Americas and Central Asia.
Leo’s strong problem-solving abilities, attention to detail and client focus make him an ideal advisor for complex situations requiring innovative solutions.
Leo is also a highly competent financial modeller, having been the centre of expertise for financial modelling within ING’s Energy division.
Leo holds a Masters Degree from Audencia Business School in France.
Xiaonan joined IDCM in April 2024 having spent 13 years as an investment professional with a number of leading real asset fund managers (InfraRed Capital Partners, BGO) and advisors (Macquarie), in the UK and Hong Kong.
Xiaonan has a broad range of Infra sector knowledge including renewable & flexible energy, cold storage, core infra and real estate, as well as a strong international transaction track record.
Xiaonan holds a MSc in Investment Management from Cass Business School and has passed all 3 CFA exams.
Mehdi joined IDCM’s M&A team in 2022 having previously worked for Mazars Global Infrastructure Finance Advisory and a private equity fund. During the past 6 years, Mehdi has been involved in numerous buy-side transactions involving solar, wind and anaerobic digestion assets.
Mehdi’s attention to detail, methodical approach and commercial awareness make him ideally suited to run transactions on behalf of clients.
Mehdi holds a mechanical engineering degree from the Université de Technologie de Troyes in France and started his career working for an EPC contractor as an engineer in the energy sector, before earning an MBA from Imperial Business school.
Niklas joined IDCM’s M&A team in April 2024. He previously worked for ABG Sundal Collier and ICECAPITAL in Stockholm, Sweden.
Niklas has advised and worked on a number of energy and infrastructure transactions for both Nordic and European clients.
Niklas holds a MSc in Finance and Accounting from Abo Akademi University in Finland.
Karen is an Associate at IDCM, having originally joined the business as an intern. Karen supports the team on transactions across sectors. She conducts research and financial analysis and assists with the execution of transactions.
Before joining IDCM, Karen studied at the University of York where she obtained a BSc (Hons) in Economics
Harry is an Associate at IDCM, having originally joined the business as an intern. Harry supports the team on transactions across sectors. He conducts research and financial analysis and assists with the execution of transactions.
Before joining IDCM, Harry studied at the University of Edinburgh where he graduated with an MA (Hons) in Economics and Economic History.
Martin joined IDCM in September 2021 and is primarily focused on executing M&A transactions.
Previously, Martin worked as a project finance analyst in CACIB’s infrastructure team in London and as a financial modeler in H3P Financial Advisory in Paris, France.
Martin holds a MSc in Finance degree from ESSEC Business School.
Hugh joined IDCM in September 2021. He supports transactions across the renewable and flexible energy, infrastructure and real estate sectors.
Prior to joining IDCM, Hugh studied at Trinity College Dublin where he achieved a first-class honours degree in Business and Economics.
Lucas joined the M&A team in the summer of 2024 and is primarily focused on supporting M&A deals.
Previously, Lucas worked for Altman Solon as a strategy consulting analyst in the TMT sector.
Lucas holds a MS in Economics and Strategy for Business from Imperial.
Blanca joined the Debt team in 2023. She conducts research and financial analysis and assists with the execution of transactions across the Renewable and Flexible Energy and wider infrastructure sectors.
Prior to joining IDCM Blanca had been an Analyst at DIF Capital Partners.
Blanca studied at Warwick University, where she graduated with a honours degree in History and Philosophy.
Luke joined the M&A team in early 2024. He supports the wider M&A team and undertakes research and financial analysis.
Luke holds a MA (Hons) in Economics and Politics from the University of Edinburgh.
Antoine has worked as part of the IDCM team for over 10 years working on projects across sectors.
Antoine’s dedication, gregarious nature and likeable personality mean clients and colleagues alike enjoy working with him. Antoine is involved in the origination and execution of a variety of transactions, shifting his attention quite happily from complex models in the Renewable & Flexible Energy sector to secured debt transactions in the Real Estate sector.
Alan is responsible for the accounting, secretarial and administrative functions for the Group, and MLRO designate for the regulated business in the United Kingdom. Alan serves on the Board of IDCM Netherlands B.V. where he is the Compliance and Operating Director.
Alan holds a degree from Oxford University and is a Chartered Accountant with over 25 years experience working in both practice and industry. Following qualification, Alan spent eight years with Ernst & Young in their London Real Estate, Hospitality and Construction team and following that was Finance Director at Octopus Healthcare responsible for a regulated premium London listed Real Estate Investment Trust.
Prior to joining IDCM, Alan was Group Finance Director of a PE backed modular building specialist.
IDCM will from time to time team up with other specialist firms including Guy Butler, who are an independent institutional credit specialist that trades fixed income securities.
IDCM
12a Upper Berkeley Street,
Marylebone, London
W1H 7QE
Tel: +44 (0)20 3542 3920
Email: [email protected]
“IDCM” is the trading name of IDCM Limited, IDCM M&A Limited and IDCM Netherlands B.V.
12a Upper Berkeley Street, Marylebone, London, England, W1H 7QE is the registered office of IDCM Limited and IDCM M&A Limited.
IDCM Limited is incorporated and registered in England and Wales under registered number 9101952. IDCM M&A Limited is incorporated and registered in England and Wales under registered number 13630997. IDCM Netherlands B.V. is incorporated and registered in Amsterdam with Kamer van Koophandel number 86586513 and its registered offices are at Parnassusweg 15-1, 1077 DB Amsterdam, The Netherlands.
IDCM Limited (FRN: 966828) is authorised and regulated by the Financial Conduct Authority. IDCM M&A Limited (FRN: 1015907) is an Appointed Representative of IDCM Limited. IDCM Netherlands B.V. is licensed by the Autoriteit Financiele Markten.