TDC supports merger of Livingbridge-backed Catalyst with Sionic Advisors

Tosca Debt Capital (“TDC”) has completed an undisclosed investment to support the merger of Livingbridge portfolio company, Catalyst Development Ltd, with Sionic Advisors. This marks the regional debt fund’s tenth deal from its c.£240m Fund II.

The undisclosed funding package provided by Manchester-based TDC and Lloyds Banking Group will support the creation of one of the world’s largest specialist consulting firms. The enlarged group will have a combined revenue of more than $60m and upwards of 300 professionals based in a dozen locations across Europe, North America and Asia.

Catalyst specialises in regulatory-driven change, organisational improvement and talent development programmes for global financial institutions. To-date, it has supported more than 70 clients across 30+ financial centres worldwide, including nine of the world’s top 12 investment banks, and has mentored more than 250 of the financial market’s most senior figures.

Sionic Advisors deliver change, optimisation and strategic initiatives to a range of financial services institutions from bases in eight countries.

Catalyst Group CEO, Andrew Middleton, comments: “This is a transformational merger that will create a world-leading specialist firm. Sionic has highly regarded expertise in our core banking market, enabling us to scale our delivery of complex assignments for clients worldwide.”

Sionic Co-Founder and Group CEO, Craig Sher, says: “This is a perfect match. We’re known as experts in our field and as fast-growth disruptors of outdated models of consultancy. Like Catalyst, we deliver measurable value and best in class change services, and we’re looking forward to working together to expand these and also our reach to create an even bigger and better firm for our clients, staff and investors alike.”

TDC Partner, Gary Davison, added: “Both Catalyst and Sionic are led by ambitious and forward-thinking management teams who recognise the untapped potential within this high growth global marketplace. We look forward to working with management and shareholders as they continue to identify opportunities that will enable the enlarged group to reach its full potential.”

Mid-market private equity firm, Livingbridge, invested in Catalyst in 2017 and their UK and Boston offices supported the management teams across both businesses to execute the merger.

Livingbridge Partner, Pete Clarke, concluded: “Both firms are experts in creating value for clients in a highly demanding sector and we are delighted to support the combined international ambitions of Catalyst and Sionic. This is just the beginning for the group, which will continue to grow rapidly and target further strategic acquisitions.”