Marketing and communications group Adare has secured a £31m refinance deal through HSBC, marking the fifth transaction from the bank’s Leeds team in recent weeks.
The group, which is headquartered in Huddersfield and employs 900 people, specialises in communications for blue-chip clients, Its turnover exceeded £150m for the year to October 2013.
HSBC Leveraged Finance and Middle Market Financial Sponsors invested in the deal for the company, which provides global marketing and secure communications services to 32 countries across five brands: Adare International, The Purple Agency, Adare Limited, Adare Advantage and Kalamazoo Secure Solutions.
Adare chief executive Robert Whiteside said the company’s strategy had ensured “consistent, year-on-year, profitable growth”.
“Given the company’s track record over the past few years, there were a number of potential parties interested in providing the company with new facilities, but we chose HSBC. The bank’s team showed a deep understanding not only of our current requirements, but also our future plans and strategies, and were able to provide the best solution,” he said.
“Our new facilities and relationship with HSBC puts the company on a greatly-improved platform, which will help us achieve our targets and underpin our plans.”
Tom Green, HSBC Leveraged Finance, head of Yorkshire & the North East, said the bank had been in talks with Adare for “some time”.
“Adare is a locally-based business offering global solutions to its clients,” he said.
“The strength and depth of customer relationships across each of Adare’s specialist businesses is a testament to the high quality of its management and the innovative services offered by the group.”
The company has a “high-quality pipeline” of business opportunities, he added.
The transaction is the fifth for HSBC’s Leveraged Finance team in Leeds in recent weeks.
It previously supported Elysian Capital’s acquisition of specialist powered access and welfare vehicle provider, Normanton-based Access Hire Nationwide.
HSBC also backed LDC’s buyout investment in environmental services business Adler & Allan.