Travers Smith LLP has advised long-standing client, the Access Group, and its management team on the further investment in the Access Group (at an associated enterprise value of £9.2bn) by its existing shareholders, TA Associates and Hg, and new minority shareholder GIC, a global institutional investor.
The Access Group is a leading provider of business management software to mid-market organisations in the UK, Ireland and Asia Pacific. Since 2020, it has more than doubled in size driven by double-digit organic growth, combined with strategic M&A in the UK, Ireland and Asia Pacific. The Access Group has grown its customer base to more than 60,000 and its employees to approximately 5,000, expanding internationally with offices in nine countries.
Travers Smith previously advised Lyceum Capital and management on the sale of the Access Group to a newco funded by TA Associates in 2015, before subsequently advising TA Associates and management on their strategic reinvestments in the Access Group alongside Hg in 2018 and again in 2020. Since 2015, Travers Smith has also advised the Access Group on the majority of the bolt-on acquisitions it has undertaken (23 of which have completed since 2020, including its acquisitions of Servelec and Sage Australia in FY21), which have themselves contributed to the group's accelerated growth.
The Travers Smith team was co-led by Private Equity and Financial Sponsors Partners Genna Marten and Emma Havas, supported by Alex Watt, Matt Powrie, Niki Mavronicola and Caragh Jenkins. Tax and Incentives and Remuneration advice was provided by Tax Partner Hannah Manning and Head of Incentives and Remuneration Mahesh Varia, assisted by Associates Hugo Twigg and Kaleem Khan.
The transaction is conditional upon certain regulatory approvals being given.