Founded in 1999, bfinance is an independent financial services consultancy that supports the world’s leading CFOs and CIOs, providing them with the information and advice they need to achieve their financial goals and objectives. The investment consulting practice focuses on search and selection of fund managers on behalf of large institutional clients and its corporate banking consulting division reduces the cost of banking for clients, typically major corporates. With its unique business model bfinance now has operations in North America, Europe and Asia and has enjoyed year on year growth of more than 30 per cent over the last five years.
Clearwater International advised the management team on the acquisition of bfinance. The transaction was funded by debt provider, BMS Finance, and sees management, led by chief executive David Vafai, take 100% of the equity post-deal.
The management buy-out provided an exit for the venture capital funders, including the Carlyle Group.
Clearwater International acted as lead advisers to the management team on the buy-out, leading all negotiations with the vendor, successfully securing a significant cash buffer as part of the acquisition price. In a market which has seen all mainstream debt providers decline the opportunity, Clearwater International sourced and structured a highly innovative funding solution with BMS Finance, who attached minimal covenant testing to their funding offer and granted substantial headroom on the facilities. Significantly, Clearwater International’s negotiations with BMS Finance resulted in the management team owning 100% of the equity. From going exclusive with our preferred funder, we completed the deal in 3 weeks.