CH&CO has completed a refinancing and fundraise with its existing lenders and shareholders.
The fundraise, when combined with the facilities provided by the lenders, ensure the group has a strong and sustainable liquidity position to support the business as it exits lockdown and builds back up over the months ahead.
CH&CO completes liquidity position – Management Team Support
CH&CO is led by CEO Bill Toner and Chairman Tim Jones. It is majority-owned by Bill, Tim, and the management team.
CEO, Bill Toner said: “We as a management team have absolute confidence CH&CO will weather this storm and we have been very pleased that our lenders and Equistone have shown the same confidence in us and our business.
“I am also sincerely grateful for the ongoing support of our clients, partners and people. It is through this support that we look forward so positively to the future.”
CH&CO completes liquidity position – Partner Support
Equistone Partners Europe invested in the group in May 2019 through its €2.8bn sixth fund, Equistone Partners Europe Fund VI, and owns a minority shareholding.
LGT Private Debt provided Unitranche financing and NatWest provided Super Senior RCF financing.
Dominic Geer, Senior Partner at Equistone and CH&CO board member, said: “CH&CO has performed extremely well since we invested in the business last year, and we have been impressed by how quickly and effectively the CH&CO team has adapted to deal with the challenges of lockdown.
“Equistone has the capability to provide long-term support to the businesses in which we invest, and we are pleased to have completed the fundraise in partnership with the other stakeholders in the business.
“The business now has the headroom to manage a gradual return to normality over a prolonged period. We look forward to continuing to work with Bill and the team to support CH&CO’s future plans.”