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.