Invex Capital has partially exited its investment in Crystal Home Improvement, via refinancing supported by Lloyds TSB Acquisition Finance. Invex Capital bought Crystal Home Improvement, the Essex-based independent home improvement business, in July 2002 for £10m.
The refinancing, supported by Lloyds TSB Acquisition Finance, is worth £15m in total. Of that figure the bank is providing £10m and £5m comes from Invex Capital rolling equity over from the proceeds of its sale into the new financing structure and other unidentified third parties.
The deal marks Lloyds TSB Acquisition Finance’s first bilateral mezzanine financing, which was led by Adrian Peckham. Legal advise on the deal was provided by Moorcrofts for Invex Capital, by Manches & Co for the vendors and management, and by Richards Butler for Lloyds TSB Acquisition Finance.
Adrian Peckham said: “Crystal has outperformed its forecasts, allowing us to provide extra debt for top performing businesses like this, through our new mezzanine product.”