Skip to main contentSkip to navigationSkip to search
Logotype

Our portfolio

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

"A common characteristic 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

Channel Management Software

Type of Deal

USD16.5m refinancing + growth debt

Investment Date

2022

Sector

Software

Headquarters

  • Market leading provider of channel management software improving sales efficiency for the Company’s customers
  • A first lien facility to refinance existing debt and fund additional growth investment

HCM Software

Type of Deal

EUR32m growth debt + equity

Investment Date

2022

Sector

Software

Headquarters

  • Specialist provider of employee listening software for use across the whole employee lifecycle
  • A first lien facility and equity co-invest to support the sponsor’s acquisition and fund growth investment

Fintech

Type of Deal

GBP35M acquisition debt + equity

Investment Date

2021

Sector

Services

Headquarters

UK
  • 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

MarTech Software

Type of Deal

EUR10m growth debt

Investment Date

2021

Sector

Software

Headquarters

Ireland
  • 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

Workflow Automation Software

Type of Deal

EUR30m growth debt

Investment Date

2019

Sector

Software

Headquarters

Norway
  • 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

    E-Commerce Software

    Type of Deal

    EUR34.5m growth debt + equity

    Investment Date

    2021

    Sector

    Software

    Headquarters

    Poland
    • 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

    Vertical Software

    Type of Deal

    GBP27.5m refinancing

    Investment Date

    2020

    Sector

    Software

    Headquarters

    UK
    • 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

    E-Commerce Software

    Type of Deal

    EUR43m growth debt

    Investment Date

    2021

    Sector

    Software

    Headquarters

    France
    • 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

    Infrastructure Services

    Type of Deal

    EUR28m growth debt

    Investment Date

    2019 (exited 2021)

    Sector

    Services

    Headquarters

    UK
    • 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

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