Shoosmiths has advised Five Arrows Principal Investments (Rothschild & Co) in the creation of a global company to be headquartered in Milton Keynes formed by the acquisition of White Clarke Group by IDS (a leader in enterprise mission-critical solutions for secured finance) in conjunction with private equity firm Thoma Bravo, which invests mainly in software and technology companies.
The deal is multi-million in value, but full financial terms were not disclosed. The transaction initially announced on 7 April 2021 has completed today (1 June 2021).
IDS is acquiring White Clarke Group from Five Arrows Principal Investments, who originally invested in the business in 2016 and will remain a shareholder in the combined company. Shoosmiths advised on that initial FAPI MBO and on both the sale and reinvestment. FAPI will remain a shareholder in the combined company which will serve more than 300 customers across North America, Europe and Asia Pacific and will be co-headquartered in Minneapolis, USA and Milton Keynes in the UK.
Established in 1992, White Clarke Group is a leading provider of asset finance solutions for the automotive and equipment finance markets. Together, IDS and White Clarke Group will provide a comprehensive portfolio of products across multiple market segments including automotive finance (retail, fleet, and wholesale), equipment and asset finance and flexible working capital finance offerings. The combination of the two companies creates a truly unique proposition for the secured finance market at global scale.
The deal was led by Shoosmiths partner Amit Nayyar supported by principal associate Aleks Bosch and associate George Peyton (all based in Milton Keynes) and partner Kiran Dhesi from Shoosmiths Thames Valley location. FAPI was also advised by Robert W. Baird & Co. and Grant Thornton while IDS and Thomas Bravo were advised by Kirkland & Ellis LLP.
Vivek Kumar, Partner at Five Arrows Principal Investments, added: “We are very excited about the combination of IDS and White Clarke Group, and look forward to helping in the creation of value in the combined company over the next few years.”