Pemberton finances maiden UK public to private deal
Overview
Pemberton Asset Management, one of the leading alternative credit managers, today announces that is has provided financing to support its first ever UK public to private (P2P) transaction, as the firm continues to explore new opportunities to provide debt financing, amid an increase in P2P activity.
The transaction has seen Pemberton support the acquisition of Sureserve Group PLC, the compliance and energy services group, by pan-European private equity firm, Cap10. The deal is indicative of increasing opportunities within the P2P financing space, as private equity sponsors see an increase in the relative value of public companies compared to the private market. Pemberton is well placed to support sponsors in P2P deals through the provision of flexible financing solutions using capital raised through clearly delineated investment strategies.
Sureserve is the leading energy and compliance services provider to the social housing sector in the United Kingdom, specialising in the provision of inspection, compliance, maintenance, and installation services in the areas of heating, insulation, and renewable energy. Sureserve is set to play a key role in reducing fuel poverty and achieving UK’s Net Zero targets, supporting the energy transition journey of social housing landlords and public sector bodies.
The deal, financed by Pemberton’s Senior Loan Fund, marks a debut investment for Cap10, which plans to support the business through both organic and inorganic growth, launching new services and expanding its geographic reach across the UK.
Sureserve is a company at the forefront of the energy transition, and Cap10’s acquisition is a great example of our belief that ESG credentials are fundamental in achieving long-term value. We’re proud to be supporting the deal as our first UK public-to-private transaction and share Sureserve’s view that energy efficiency will play a key role in the UK’s transition to Net Zero.
– Richard Meehan, Managing Director, Origination, UK & Ireland
Pemberton and Cap10 worked closely together to swiftly arrange a bespoke financing package which supports the Group’s growth ambitions going forward. We look forward to working with Pemberton as we execute on the Group’s strategy.
– Fabrice Nottin, Founding Partner, Cap10
