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Our portfolio

We are extremely proud to partner with some of Europe’s most exciting growth companies in software and services.

"A common theme throughout our growing portfolio is exceptional business models being run by strong management teams. All of the companies and situations are unique and on their own growth trajectories – our job is to understand, support and unlock future opportunities with transformative credit solutions."
Ilkka Rantanen
Co-Founder and Partner

Capital
Requirement

  • Acquisition Finance
  • Expansion / Growth Investment
  • ARR Leverage
  • Refinancing + growth investment
  • Dividend Recapitalisation
  • “War-chest” Facilities
  • Minority Leverage

Focus Sectors

  • Software
  • Services

AshGrove Solution

Senior / Unitranche: Bespoke unitranche facilities with embedded first lien and junior secured risk in one tranche

Senior Growth Capital: Growth debt as accretive alternative to growth equity

Senior Asset-Backed: Ability to lend against “hard assets” such as receivables in specialty finance companies or esoteric hard assets

E-Commerce Software

Type of Deal

EUR34.5m growth debt + equity

Investment Date

2021

Sector

Software

Headquarters

  • Specialist provider of marketing automation and customer data platform solutions for the e-commerce sector
  • A first lien facility and equity co-invest to fund growth investment and support the sponsors’ acquisition

MarTech Software

Type of Deal

EUR10m growth debt

Investment Date

2021

Sector

Software

Headquarters

  • Specialist provider of multi-channel customer engagement software solutions
  • A first lien facility alongside a minority equity transaction with a sector specialist to fund accelerated growth investment

Fintech

Type of Deal

GBP35M acquisition debt + equity

Investment Date

2021

Sector

Services

Headquarters

  • Fintech providing pensions and savings solutions to both employers and employees
  • A first lien facility to fund an acquisition and organic growth investment
  • Follow on investment completed to support ongoing M&A strategy

E-Commerce Software

Type of Deal

EUR43m growth debt

Investment Date

2021

Sector

Software

Headquarters

  • European focussed provider of e-commerce analytics and optimisation software
  • A first lien facility to refinance shareholder notes and fund additional growth investment shortly post acquisition
  • Follow on investment completed to support ongoing M&A strategy

Vertical Software

Type of Deal

GBP27.5m refinancing

Investment Date

2020

Sector

Software

Headquarters

  • Specialist provider of data and software solutions to the automotive industry
  • A first lien facility to refinance shareholder notes and fund deferred consideration
  • Follow on investments completed to support strategic M&A activity

Workflow Automation Software

Type of Deal

EUR30m growth debt

Investment Date

2019

Sector

Software

Headquarters

  • Cloud-based asset and contract management software solutions provider to SMEs
  • A first lien facility to fund accelerated growth investment
  • Follow on investment completed to support ongoing M&A strategy

    Infrastructure Services

    Type of Deal

    EUR28m growth debt

    Investment Date

    2019 (exited 2021)

    Sector

    Services

    Headquarters

    • Specialist operator of mission-critical infrastructure sites, backed by long-term contracts and ownership of strategic infrastructure
    • A secured facility alongside existing lenders to refinance existing debt following a period of business growth

    Radiology Services

    Type of Deal

    EUR11m growth debt

    Investment Date

    2018

    Sector

    Healthcare Services

    Headquarters

    • European radiology services and solutions provider to hospitals and medical professionals
    • A tailored debt solution alongside existing debt to support the business’ geographic expansion