Overview
• Close Brothers Corporate Finance advises Bank of Scotland Integrated Finance (“BOSIF”) on the acquisition of a significant equity stake in and provision of debt finance to Apollo Group Holdings Limited (“Apollo”)
• Headquartered in Essex, Apollo provides social housing maintenance services throughout London and the South East. Projects range from affordable housing regeneration (including social and residential accommodation) to the delivery of fast track school improvement works and the construction of new educational facilities
Process & Outcome
• Through its flexible funding approach, BOSIF invested across all layers of the capital structure (including both debt and equity), with management retaining a majority equity stake in the new company. Prior to BOSIF’s acquisition, Apollo was subject to a management buyout backed by Lloyds Development Capital
• Close Brothers Corporate Finance was retained by BOSIF to advise on its negotiations with Lloyds Development Capital and the management team, the structuring of the acquisition vehicle and project management of the acquisition
• With a value of £410m, the acquisition of Apollo is the largest transaction in the dynamic and rapidly evolving social housing services market
Testimonial
“We are delighted with our acquisition of Apollo and to have worked with Close Brothers Corporate Finance on this transaction. Their in-depth understanding of the sector and strong execution skills made them an excellent partner.”
Robin Winning, a Director of Bank of Scotland Integrated Finance
“BOSIF is an important client for Close Brothers Corporate Finance and it is exciting to work with them on a milestone deal in the support services sector. The acquisition of Apollo will enhance BOSIF’s portfolio focus in the property services sector, positioning them to take advantage of the Government’s committed spend in social housing, affordable homes and education.”
Gareth Davies, a Managing Director of Close Brothers Corporate Finance
For more information regarding this transaction, please contact Gareth Davies or Michelle Le Merre on +44 (0)20 7655 3100.