Maven Capital backs Prime Document MBI

Alice Tchernookova
13 June 2016

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Maven Capital Partners has backed the management buy-in of Prime Document, a UK-based company providing outsourced document management services.

The transaction was funded by Maven Investor Partners, a syndicate of institutional and high-net-worth investors, some of whom have been working in partnership with the Maven team since 2006.

The senior buy-in team is made up of managing director Martin Hurley and operations director Alan Hall, who have both held senior positions in various companies in the sector.

Phil Dearde, who has previously worked at former Maven portfolio company Oliver Kay, will be joining Prime Document as finance director.

Maven's backing will go towards funding the expansion of Prime Document's sales and marketing capability, as well as a push into the electronic document management (EDM) sector.

Prime Document has developed Ecco, a document management platform facilitating the capture, storage, retrieval and multi-channel distribution of client information, which it will use to expand its services in the EDM market.

Yorkshire Bank provided senior debt to support the transaction alongside working capital facilities.

Company
Prime Document provides an outsourcing service to large and mid-market companies, local and government bodies and NGOs. It produces and delivers documents such as invoices, pay slips, tax and pension statements in areas where clients require the production of documentation to comply with industry regulations or legislative requirements.

People
Maven Capital Partners – Andy Thomas (investment director).

Advisers
Equity – Squire Patton Boggs (legal); Gateley (legal); Mazars (management due diligence); North West Corporate Finance, Pete Terry (corporate finance); RSM (financial due diligence); RPL (commercial due diligence); Turous (IT due diligence); Addleshaw Goddard (debt advisory); Vista Insurance Brokers (insurance due diligence); The Quinn Partnership (management due diligence).
Vendor – Cole Associates (corporate finance); DAC Beachcroft (legal).