Travers Smith LLP has advised long-standing client TA Associates and management on their strategic reinvestment in The Access Group alongside existing co-investor Hg. TA Associates and Hg will retain joint control of The Access Group, alongside management.
The Access Group (a leading provider of business management software to mid-market organisations) recently announced significant year-on-year pro forma revenue growth of 47%, leading to pro forma revenues of £315 million and pro forma adjusted EBITDA of £109 million for FY20. These results continue 15 straight years of uninterrupted profitable growth for the group.
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 reinvestment in The Access Group alongside Hg in 2018. Since 2015, Travers Smith has also advised The Access Group on the majority of the bolt-on acquisitions it has undertaken (nine of which have completed during FY20), which have themselves contributed to the group's accelerated growth.
The Travers Smith team was led by Partner and Head of Private Equity & Financial Sponsors Paul Dolman, supported by Private Equity & Financial Sponsors Partners Emma Havas and Adam Orr, Senior Counsel Alex Dixon, Senior Associate Matt Powrie and Associates Tom Lloyd and Niki Mavronicola.
Tax and Incentives and Remuneration advice was provided by Tax Partners Kathleen Russ, Hannah Manning and Head of Incentives & Remuneration Mahesh Varia, assisted by Incentives & Remuneration Senior Associate Kevin Donegan, Tax Associates Katherine Williamson and Aimee Hutchinson and Private Equity & Financial Sponsors Associate Hugo Twigg. The team also included Finance Partner Donald Lowe and Competition Partner Stephen Whitfield.
The transaction is conditional upon certain regulatory approvals being given.