PPCF supported SimplyBiz, the leading independent provider of compliance and business services to financial advisers and financial institutions in the UK, on its acquisition of Defaqto for a total consideration of £74.3m. SimplyBiz, based in Huddersfield, is a long standing client of PPCF and the acquisition of Defaqto is another milestone in the evolution of the business following its listing on AIM in April 2018.
Defaqto, backed by Synova Capital, is a leading financial services technology business operating a fintech platform to 8,500 advisers and providing independent ratings of 21,000 financial products and funds, and licensed by 230 brands.
The transaction, which required both debt and equity funding, was delivered on an efficient timetable. PPCF worked alongside the executive management of SimplyBiz providing commercial input and project management across a number of key workstreams including deal structuring, due diligence (financial, commercial, IT and legal), debt raising and stakeholder management.
New debt facilities totalling £45m were provided by Yorkshire Bank and NatWest of which £37.5m was utilised for the acquisition.
PPCF previously acted as lead advisors to SimplyBiz on the acquisition of Landmark Chartered Surveyors.