Palatine-backed EPI Group secures £4.75m mezz deal

The new package refinances the company's existing senior debt. The flexible debt package also includes potential for equity upside in the form of a small percentage of warrants linked to the loan notes, said a source close to the deal. The interest is a combination of cash paid and rolled interest loan notes.

Proceeds will be used for strategic M&A and to pursue organic growth opportunities as the oil and gas market recovers, according to a press release.

EPI is backed by private equity house Palatine Capital, which supported an MBO of the group in 2014. At the time the group was generating roughly £2.6m EBITDA against £20m of revenues.

Connection Capital is a specialist syndicator of investment funds from private investors into direct private equity and commercial property deals and alternative asset funds. It currently has some £180m of funds under management across a diverse portfolio, including investments in Virgin Wines and Wagamama and property tenanted by Travis Perkins and Premier Inn.

Company
EPI has particular specialist expertise in onshore and offshore seismic surveys for oil & gas exploration companies. Clients include BP, Shell, ExxonMobil, Repsol, Statoil and Total. The company recently added to its office network with new openings in Perth, Australia and Houston, USA.

People
Stephen Catling, head of alternative intestments, Connection Capitla  

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• Topics
• Refinancing
• Industrials
• UK / Ireland
• Mezzanine
• Palatine Private Equity