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Jemima Denham

Several direct lenders have provided an add-on and PIK financing package totalling £900m to The Access Group to support the management software company’s buy-and-build strategy.

The financing includes a £400m add-on loan, priced at S+525bps, from Arcmont, CDPQ, ICG, LGT, Morgan Stanley, Stepstone, Park Square SMBC JV, and PSP Investments, according to a report from Pitchbook.

Goldman Sachs is leading a club of lenders, including Park Square and Partners Group, on the PIK, providing a £500m PIK tranche priced at S+775bps, the report states, which would take the debt stack to £5.65bn.

The financing marks The Access Group’s fourth debt raise since 2022, when TA Associates and Hg Capital provided the company with the largest private credit loan in Europe at the time: a £3.5bn debt financing package comprised of a £2.3bn unitranche priced at L+575bps, and a £1.2bn acquisition tranche, according to Pitchbook.

The most recent PIK brings the overall size of the tranche to approximately £850m, following two similar raises since 2022.

Founded in 1991 and headquartered in Loughborough, The Access Group provides business management software to over 100,000 small and medium enterprises.

The firm reported £849.4m in revenue and circa £357.1m of EBITDA for FY23, according to its website. The company made 10 acquisitions in FY23, including Pay360, a credit card payment service valued at £150m at the time of the buyout.

The Access Group, ICG, Goldman Sachs, CDPQ, Morgan Stanley, Park Square, Partners Group, and PSP declined to comment. Arcmont and LGT did not respond to requests for comment.

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