PCS2 and PCS3 act as sole senior lenders to support Equistone Partners' backing of WHP Telecoms' tertiary management buyout from Palatine Private Equity29 March 2018
Permira Debt Managers (“PDM”), one of Europe’s leading specialist debt investors, today announces that Permira Credit Solutions II and III acted as sole senior lenders to Equistone Partners Europe (“Equistone”) who are backing WHP Telecoms’ (“WHP”) tertiary management buyout from Palatine Private Equity. The debt process was conducted exclusively with PDM.
PDM first partnered with WHP in July 2017 to support its refinancing alongside sponsor Palatine. This deal, PDM’s first with Equistone, will see PDM expand its support for WHP, its growth strategy and its new majority owners.
WHP is a leading provider of end-to-end services for the planning, design, acquisition, deployment, upgrade and maintenance of mobile network masts, antennae and base stations for all the major UK mobile operators. Employing over 440 people and headquartered in Warrington, the business operates on a national basis with operations in Leeds, Glasgow, Birmingham and Heathrow.
Daniel Hatcher, Investment Director at Permira Debt Managers added: “PCS Funds continue to be deployed effectively to support ambitious, growing market leaders in niche sectors.
“This deal was particularly satisfying for us as it demonstrated the agility of PDM. We were able to smoothly scale and transition existing facilities across different owners, seamlessly supporting the business’ growth ambitions.
“It has been a pleasure working with Palatine, and we now look forward to continuing our work with WHP and growing our new relationship with Equistone.”