Clearwater International advises GLE on the MBO of IGF Invoice Finance


Clearwater Advisor

Clearwater International has advised Greater London Enterprise Group (GLE) on the management buyout of its subsidiary, IGF Invoice Finance Limited (IGF), to a group of experienced commercial lending professionals, backed by Spring Ventures.

IGF is a leading, independent commercial finance provider for SMEs nationwide. IGF helps UK SMEs, with revenues up to €124m, meet their growth aspirations and working capital needs. The facilities provided are also used to support re-financings, mergers and acquisitions, and management buyouts and buyins.

GLE is one of the most active supporters of small businesses, focused on supporting SMEs with the expertise and resources to compete. The decision to sell reflects GLE’s strategy of pursuing structural changes that will improve its effectiveness and free up resources to invest in future growth.

Spring Ventures is an independent private equity firm which invests in management buyouts of UK companies with high growth potential, focusing within the business services, industrial products, IT, financial services and healthcare sectors. The firm will initially invest €11m to fund the MBO and provide growth capital, then commit a further €14m of follow-on capital over the next three years, and at this time will also take a majority stake.

Clearwater International advised GLE on the management buyout, led by partner James Barraclough.

“Clearwater provided a professional and pragmatic approach during what was at times a difficult process. It was invaluable to be able to speak to and gain advice from an informed and experienced team. The strong knowledge of the market and personal approach was very well received. I’d be happy to work with the team again and wouldn’t hesitate in recommending Clearwater in the future.”

Michael Walsh, Group Finance Director at GLE Group

“Greater London Enterprise has been nurturing IGF for several years and it’s great to see that it’s found an exceptional team to take over the business. We wish the team every success going forward.”

James Barraclough, International Head of Financial Services at Clearwater International