First Names Group successfully refinances

Monday 20 June 2016

First Names Group has agreed a substantial funding deal, secured after a period of accelerated growth that has seen the business surpass its five-year investment plan to become one of the largest independent trust and corporate services providers in the world.

The new facility will be provided by Alcentra and Royal Bank of Scotland (RBS). Together, they will bring long-term sustainable financing opportunities to First Names Group which are in line with the business’ future funding requirements. RBS has provided financing to First Names Group since its management buyout in 2012.

The senior leadership team appreciate continued close support of its majority shareholder AnaCap Financial Partners II, LP, resulting in an impressive growth record and geographical expansion.

Commenting on the transaction, Cengiz Somay, First Names Group’s Chief Executive Officer, said: “The growth we have experienced over the last four years has been nothing short of exceptional. We have trebled in size, doubled our strategic locations and witnessed impressive organic growth rates. 

“We have successfully bought and integrated businesses and this new financing model will facilitate our future inorganic growth. It will also provide us with the funds needed to continue to invest in our people and infrastructure, as we strive to create one of the best places to work and do business within the industry.”     

Pascal Meysson, Managing Director of Alcentra Ltd, said: "We were very pleased to work with First Names Group and AnaCap on this exciting refinancing deal. First Names Group is a clear winner and consolidator in the trust industry and rightly focuses on the most robust offshore jurisdictions. In line with its overall strategy, Alcentra's direct lending platform aims at supporting the growth of this business beyond AnaCap's ownership and expanding its lending in line with the capital needs of the business in the years to come." 

Simon Greenhill, Director RBS Leveraged Finance, added: “First Names Group is a leading global trust and fund administrator with continued organic and acquisitive growth plans which they are well placed within the market to take advantage of. We are delighted to have been able to continue in our support of AnaCap and its management both in this transaction and with its future growth ambitions.”