Exponent's Trainline in £190m dividend recap

The deal will allow Exponent, which bought the business in 2006, to realise part of its investment. The GP had put Trainline on the block last year, but low bids had led to the sale being pulled in July 2012. Exponent was reportedly looking to get £400m for the asset.

The debt package consists of a £140m unitranche facility backed by Ares Capital Management, Babson Capital, Bank of Ireland and Bluebay Asset Management. Barclays and HSBC also arranged a £50m super senior RCF.

This is the largest unitranche facility arranged for a UK company this year, and the second largest in Europe following the €220m unitranche debt facility arranged by Axa Private Equity for the secondary buyout of industrial supplies distribution company IPH by PAI partners in March.

Previous funding
Exponent bought Trainline in a £163m MBO in 2006 from a consortium of shareholders including Virgin, Stagecoach and National Express. The consortium ran a dual-track process – Exponent emerged as the preferred private equity group and closed the deal within three weeks. Barclays arranged the senior and mezzanine debt package on the deal.

The following year, Trainline acquired Advanced Smartcard Technologies in a public-to-private deal that valued the business at £18.7m.

Company
Established in 1999, Trainline sells rail tickets online through the thetrainline.com website. In addition to its own site, the company operates retail websites for most train operators. It also works with corporate clients and travel agents.

Advisers
Equity & company – Travers Smith, Ben Davis (Legal); Marlborough Partners (Debt).
Debt – Hogan Lovells, Stuart Brinkworth, Caroline Mortimer, Matthew Cottis (Legal).

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• Topics
• Exits
• Consumer
• UK / Ireland
• Refinancing
• Marlborough Partners
• Exponent Private Equity
• United Kingdom