Styles&Wood plc/Southerns Group

The Tosca Debt Capital (TDC) team have supported the £42.5m offer to acquire Manchester-based Styles&Wood by Central Square Holdings Ltd.

The deal team, led by TDC’s Judith McMath, Mark Metcalf and Craig Monks, supported the offer alongside HSBC by committing £25m in debt funding from the TDC Fund II. TDC were advised by Matt Christmas and Charles Weems of DLA Piper in Manchester.

Styles&Wood will merge with Leeds-based commercial interiors specialists Southerns Group, of which Central Square Holdings Ltd will acquire a controlling stake.

The acquisition of fit-out and property services specialist, Styles&Wood, provides significant growth opportunities for the enlarged group that can offer end-to-end services from concept through to post-development life maintenance, as well as specialist M&E design and critical facilities management.

Commenting on the deal, Tony Lenehan, chief executive of Styles&Wood, said: “In recent years, Styles&Wood has made significant progress with its diversification strategy, driving strong organic growth supplemented by value accretive acquisitions that have broadened the group’s service line capabilities.

“We are confident that Central Square Holdings Ltd, with its commitment to the creation of a best in class offer within the property services market, is the right partner to take Styles&Wood to the next chapter of its growth story and we are excited about the future.”

Andrew Kendall-Jones, executive director of Southerns, added: “Our business has grown rapidly both organically and by targeted strategic acquisitions.

“We identified the Styles&Wood business as an ideal business to partner with to further develop the range of services offered to customers and to create an organisation capable of delivering services across the whole spectrum of property and facilities support services.”

Numis and Pinsent Masons advised Central Square Holdings Ltd, whilst Hill Dickinson and Shore Capital advised Styles&Wood.

SectorFurniture, fittings & interiors

LocationLeeds

Deal typeSecond Lien Facility

Deal dateDecember 2017

Deal amount£25million

SponsorCentral Square Investments LLP

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Tosca Debt Capital LLP (“TDC”) is an Appointed Representative of Toscafund Asset Management LLP which is authorised and regulated by the Financial Conduct Authority (“FCA”) and registered with the U.S. Securities and Exchange Commission as an Investment Adviser. Tosca Debt Capital LLP is a company registered in England and Wales. Registered number: OC414014