We are delighted to have advised Storal Learning on their refinancing and raising of an acquisition facility.
Storal operates a portfolio of high quality day nurseries across England. Since its first acquisition in November 2016, Storal has acquired 20 nurseries in 14 transactions mainly in suburban locations. Prior to approaching Grant Thornton, the Group had successfully received investment from high quality investors with a deep knowledge of the nursery sector.
With a significant deal pipeline, Storal Learning approached Grant Thornton to help them refinance their existing loans to a more flexible debt package which can be used to facilitate the next phase of growth.
Despite the impact of COVID and the associated lockdowns, Storal continued to perform strongly and as such we were able to commence a competitive process.
We considered a diverse range of alternative debt solutions in the market including a select number of debt funds and challenger banks and despite several competitive offers, quickly refined the lenders down to the incumbent bank and Tosca Debt Capital (TDC).
Storal decided to move away from their incumbent lender to TDC. They were selected as preferred funder as their bespoke offer was built around a strong understanding of the company and shareholders’ commercial growth objectives.
The deal we negotiated provided certainty of deliverability for Storal and provides the business with optimal flexibility to pursue their buy and build strategy.
