Debt Advisory – asset based lending
AURELIUS Group
We are delighted to partner with FRP and have structured tailor-made financing to support the company’s transition after the carve-out. AURELIUS worked with FRP and the syndicate lenders on a financing solution adapted to current market conditions, allowing the company to focus on implementing its business plan. Richard Schulze-Muth AURELIUS
FRP Corporate Finance advised pan-European asset management group AURELIUS on its acquisition of the healthcare group McKesson UK. Background AURELIUS is a pan-European investment group focused on improving the operational performance of companies by providing management capabilities and financial resources for investing in products, sales and R&D. Operating from offices in Germany and the UK, AURELIUS has a track record of successful investment in more than 100 businesses across a range of geographies, industries and sectors. The company was looking to acquire McKesson UK, the owner of several market leading pharmaceutical businesses including the LloydsPharmacy chain and AAH Pharmaceuticals, and engaged FRP Corporate Finance to assist in a debt raising process. AURELIUS, to assist in arranging and negotiating one of the largest syndicated asset-based lending (ABL) transactions in the UK in recent years. The Debt Advisory team secured a £357.5 million ABL facility provided by a syndicate of six lenders (led by Barclays) to fund the acquisition, which saw McKesson UK separated from its former US-based parent company, McKesson Corporation, in a process that ran for several months. Action FRP Corporate Finance was appointed as debt adviser to Outcome The successful landmark deal represented AURELIUS’ biggest acquisition since it was founded in 2006; McKesson UK is a £5.7 billion turnover business with more than 18,000 staff across its retail, digital, homecare and wholesale divisions. The deal will see McKesson UK benefit from new opportunities as a standalone business, underpinned by its strong retail brand, loyal customer base and leading commercial footprint across wholesale pharmaceuticals. The transaction is the biggest ABL deal that FRP Corporate Finance has supported to date; globally there are only a handful of deals of this scale each year, reinforcing the firm’s position as the pre-eminent ABL adviser in the UK.
Dave Edwards Partner Debt Advisory London +44(0)7775 674 342 dave.edwards@frpadvisory.com
Andrew Dimmock Partner Debt Advisory London +44(0)7739 819 559 andy.dimmock@frpadvisory.com
26
Made with FlippingBook - professional solution for displaying marketing and sales documents online