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Eversheds Sutherland advises IT managed services provider Acora on new funding deal for strategic growth

  • United Kingdom
  • Global

    10-10-2022

    Eversheds Sutherland has advised on a deal to secure new funding for IT managed service provider Acora, from LDC, the private equity arm of Lloyds Banking Group, to continue its rapid growth.

    The international law firm, acting for both Acora and the management team including CEO David Rabson, oversaw completion of this transaction which is viewed as vital to providing long-term finance for the company’s next phase of evolution.

    Supported by debt funding from Ares and HSBC this deal also sees Palatine Private Equity LLP part ways with Acora, trebling the investment it made two-and-a-half years ago in the process.

    Since 2020, Acora has completed five acquisitions, including the transformational acquisition of cybersecurity specialist Secrutiny. The company has also achieved double-digit organic growth in 2022 of more than 20%.

    The Eversheds Sutherland team was led by James Trevis, Partner, with Giles Dennison as Client Partner. Also involved were Partners Patrick Davis (Banking) and Ben Jones (Tax), Principal Associate Mike Birkett (Corporate), Senior Associates Theo Watkins (Corporate), Catherine Jones (Corporate) and Ben Shem Tov (Tax), Associates Eleanor Sedgley (Corporate), Zoe Hyde (Banking) and Sean Wright (Tax), Paralegal Aisha Zulfiqar (Banking) and Trainee Solicitor Agata Lawrenciow (Corporate).

    James Trevis, Partner at Eversheds Sutherland, said

    “It was important to make this transaction a success for everyone concerned. Fast growing companies filled with potential such as Acora, need finance to support their journey to success. Palatine’s innovation and expertise has rightly delivered significant gains on its initial investment. The next step with LDC will no doubt bring yet more ideas to the table of this flourishing company and we’re delighted to be a part of doing that.”

    David Rabson, CEO of Acora, said:

    “It was important for us to ensure we could complete this transaction quickly and smoothly over the summer months. Eversheds Sutherland were committed to our timetable from the outset and never took a backward step. We are delighted to have partnered with James Trevis, Mike Birkett and the Eversheds Sutherland team. We got the right deal, quickly, and the business will benefit from this strong foundation for years to come.”

     

     

    James Trevis, Partner

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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