Supporting Inspirit Capital’s carve-out acquisition of Converge UK
A flexible Asset Based Lending facility enabling a seamless transition to standalone operations and supporting future growth
At a glance
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Shawbrook has supported Inspirit Capital with a tailored asset based lending (ABL) facility to fund the acquisition of Converge UK, a leading UK provider of sustainable IT solutions and lifecycle services.
Converge UK provides comprehensive IT solutions, including hardware, software, managed services and asset disposal. Founded in 1991, the business supports a range of customers across education, public and private sectors, maintaining strong relationships and consistent repeat business.
The transaction involved the carve-out of Converge UK from an international parent group, requiring a flexible structure to support both completion and the transition to standalone operations.
Shawbrook delivered a combined ABL solution, including confidential invoice discounting and a cashflow loan, aligned to the business’s working capital profile and future growth plans.
Introduced by EY Capital & Debt Advisory, Shawbrook’s knowledge of the business and experience of sponsor backed carve-outs ensured an efficient execution within a competitive process.
Converge UK is a high quality platform with a distinctive lifecycle proposition and strong foundations for growth. We needed a funding partner who could structure a solution around the practicalities of a carve-out while maintaining momentum through completion. Shawbrook demonstrated a clear understanding of both the business and the transaction dynamics and delivered with focus and reliability.
Tim Westbrook, Managing Director at Converge UK, said:
“This was a significant milestone for the business. Shawbrook provided a solution that supported both the transaction and our ongoing requirements, with a practical and responsive approach from start to finish.”
Oliver Jenkins, Senior Director, ABL at Shawbrook, said:
“This was a complex transaction requiring a considered funding approach. By combining ABL with additional cashflow support, we were able to deliver a structure aligned to both immediate needs and longer-term ambitions.”
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