LDC secures £18.5m refinancing for SPS

The deal saw a refinancing of SPS's existing £10m debt facility, as well as a further £8.5m senior debt and working capital package.

The refinancing comes after SPS reported a 32% jump in turnover from £88m in 2014 to £116m in the year ending March 2015.

The fresh financing package will be used to fund investment in railway fencing and lighting for ISS Labour.

Previous funding
LDC acquired SPS in June 2011 – when the company was known as Driver Hire Investments Group – from previous backer Spirit Capital. Yorkshire Bank supported the deal with a debt package.

Aberdeen Murray Johnstone Private Equity had acquired Driver Hire in October 2004. Ownership of the company was transferred to Spirit Capital, a spinout of Aberdeen Murray Johnstone, in 2008. Bank of Scotland provided leverage to support the transaction.

Company
Bradford-based SPS operates recruitment services brands including Driver Hire Nationwide, Driver Hire Training, eServices, Driver Hire Australia and rail support services provider ISS Labour.

People
Chris Chidley is CEO of SPS. LDC director Steve Harrison led the investment for the GP. Dan Rosinke is regional head of specialist and acquisition finance at Yorkshire Bank.

Advisers
Company – PwC, Richard Siddal (Debt advisory); Squire Patton Boggs (Legal).
Debt – Walker Morris (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• Restructuring
• Support services
• LDC