In simple terms we are an independent corporate finance specialist with a focus on debt and M&A. 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 specialist expertise in real estate, renewable & flexible energy and economic and social infrastructure, 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 and resolving to ensure that each deal closes on time and on budget – leaving no stone unturned
IDCM focuses on traditional infrastructure businesses such as regulated and non regulated utilities, oil and gas midstream, digital infrastructure, ports and other transport. We see continued demand for these type of assets due to significant growth in the quantum of capital that infrastructure investors’ are looking to deploy in this sector.
IDCM has assisted a wide range of borrowers in the Real Estate sector with a focus on alternative assets where our unique added value is in our ability to structure and arrange secured and unsecured transactions that suit and rely on the particular features of a borrower’s business model rather than traditional asset backed financing solutions.
We have been leading pioneers in the development of both equity and debt financing solutions to the Renewable & Flexible Energy sector for over a decade. 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 management teams raising both equity and debt capital for different renewable & flexible energy technologies.
IDCM produced a research piece on the UK ports sector that was sent to a number of institutional investors. On the back of investor meetings to discuss the report, IDCM received reverse enquiry interest from an institutional investor in the ABP Credit. The investor had not previously invested in the ABP credit.
Further to the investor meeting with management, a long dated £50 million transaction was executed off ABP’s MTN Programme.
The transaction represented the longest dated transaction in the UK ports sector and provided ABP with attractive long term funding.
We were mandated by Pennon, parent company to waste management and renewable energy business Viridor and regulated water utility South West Water (SWW), to raise unsecured debt to fund the expansion of Viridor. SWW funded itself independently in the public bond market but Viridor was hitherto funded through shareholder loans and unsecured bank debt raised by Pennon at Group level.
As a holding company, Pennon’s cashflow consists of the dividends paid by both subsidiaries and their debt is structurally subordinated to the debt raised by SWW. However at 62% their leverage at the holdco was low compared to companies that have implemented a Whole Business Securitisation and our unique added value was getting potential lenders on board with that.
We raised £125 million of 17 year funding for Pennon which was provided by a single UK Insurance Company. At Pennon’s request, the transaction was documented as a loan. The tight pricing of the loan reflected the relatively modest gearing of Pennon and the strong dividend generation by SWW as well as Viridor.
Following a number of successful long dated financings arranged by IDCM that PHP has already completed to fund for their portfolio of Primary Care Centres based in the UK, the company mandated IDCM on this occasion to find long term finance for its growing portfolio of assets in the Republic of Ireland.
Investors were offered similar terms and conditions as in PHP’s previous Sterling denominated transactions and despite credit spread volatility in the public markets, the private placement market enabled them to achieve the same spread as on their most recent Sterling transaction, albeit pricing over Euro Mid Swaps rather than UK Gilts.
This enabled PHP to achieve a blended fixed rate of 2.497% and a weighted average maturity of 10.4 years.
“PHP’s first Euro PP and our fourth debt transaction with IDCM. As ever, IDCM proved attention to detail and going the extra mile results in great execution and pricing.”Richard Howell Finance Director
IDCM arranged a £66.5 million 7 year fixed rate term loan for Industrials UK LP, a subsidiary of Stenprop Limited, secured on a granular portfolio of multi-let industrial assets located across the UK.
Through a detailed knowledge of the market IDCM were able to quickly focus discussions with relevant potential lenders and concentrate on achieving the desired structure at the best possible margin.
IDCM managed the transaction from inception, through the negotiation of terms to completion / drawdown of funds, despite the impact on working practices and financial markets caused by the COVID-19 pandemic.
IDCM worked closely with Stenprop to deliver this refinancing and achieved a cost of debt that was well below the group’s prior all-in weighted average cost of debt.
“I enjoyed working with the IDCM team who were very professional and ran a thorough process, enabling us to achieve a well documented facility and attractive pricing.”James Wakelin Head of Debt and Special Projects
Specialist investment manager Albion Capital mandated IDCM to structure and refinance a portfolio of onshore wind, hydro and residential rooftop solar assets located in the UK. IDCM formulated a bespoke technical and legal due diligence process and strategy to reflect the portfolio nature both in terms of the large number of assets and the different technologies within the portfolio.
With this refinancing, Albion Capital successfully refinanced a complex renewables portfolio.
“IDCM were great to work with and added value at each stage of the process””David Gudgen Partner, Albion Capital
IDCM was mandated by Enpal, the largest provider of solar and battery solutions for homeowners in Germany, as joint financial adviser to structure and arrange a financing to refinance the installation of more than 15,000 solar rooftop and battery systems in Germany. This transaction was a follow-up mandate to deal which IDCM arranged for Enpal two years ago.
IDCM was responsible for building the complex financial models for both the senior and mezzanine debt facilities and let the audit process. We also worked with our co-adviser which was a European bank putting together the IM that was used to approach potential Lenders.
The joint advisers approached a select list of banks and institutional investors to ascertain appetite for the financing. Having received initial high level terms from a number of potential lenders a selected a group of preferred lenders (combination of banks and institutional investors) was chosen. IDCM undertook detailed term sheet negotiations regarding all commercial terms and provided assistance with the negotiation of the finance documents.
“"IDCM again proved to be a valuable partner and enabled us to run the transaction efficiently and successfully from deal marketing to signing"”Viktor Wingert, Co-Founder of Enpal
TP Social Housing REIT is landlord to Registered Providers who offer community based assisted living to elderly people and vulnerable adults. The REIT was established as recently as September 2017 and shortly thereafter appointed IDCM to assist with their inaugural debt raise. This was only the third transaction from this relatively new sector so investor education was key. With a collateral pool of 145 individual assets the property due diligence work was an important consideration in the delivery of the financing solution.
The borrower achieved the longest tenor and the tightest spread in the sector to date.
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, is 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.
“Achieving our goal was in no small way attributable to IDCM’s tenacity, their understanding of the merits of our business model, and their commitment to being advocates of ours to the lending community.”Gordon Bland Finance Director
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 transactions in the Renewable 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 longer term debt is best provided by institutional investors and this fuelled his vision for IDCM. The fact that private debt provides a flexible and cost-efficient source of funding for companies is borne out by the many transactions IDCM have successfully structured and arranged for their clients.
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 25 years.
Before founding IDCM, Justin was Global Head of Debt Capital Markets 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 the Board Member responsible for Compliance.
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 Energy Sector and has been at the forefront of developing IDCM’s business internationally.
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.
Ben joined IDCM in 2018 with a focus on using his broad experience and contacts to develop and originate business opportunities with new clients for IDCM.
Ben has previously been a successful capital markets financier with Hambros Bank and RBC working in Canada, Australia, South Africa and the UK. Over 20 years he developed expertise across origination and syndication in developed and emerging markets, cultivating, maintaining and servicing client relationships and providing innovative financing solutions in new sectors.
In recent years Ben set up a Private Investment fund in African Agriculture, establishing varied crop investment with, more recently, a focus on stevia. Ben was responsible for raising the funding for the fund through banks and investors using his experience in both infrastructure and development finance.
Bob has over 30 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 bond and convertible 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 was at Baring Brothers & Co Limited.
Martin joined IDCM in September 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 leading on the financial model provision for our external clients.
Chris has over 14 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.
Antoine is an integral part of the IDCM team 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 execution of a variety of transactions, shifting his attention quite happily from complex models and renewable energy projects to secured debt transactions for landlords in the primary care property and care home sectors.
Prior to joining IDCM he worked in the banking division of St. James’s Place, a large UK wealth manager.
Leo joined IDCM’s debt advisory and execution team in September 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.
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.
Jonathan is responsible for IDCM’s accounting, secretarial and administrative function.
Jonathan is a solicitor who was Finance Director and General Counsel of a quoted institutional corporate broker, Westhouse Securities PLC, having been Company Secretary and an executive director of Hanson PLC and chief of staff for Lord Hanson.
IDCM Limited is an appointed representative of Boston and Alexander LLP which is authorised and regulated by the Financial Conduct Authority.
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 and a shareholder in IDCM.
12a Upper Berkeley Street