INTRINSIC AND SENECA ACQUIRE HOMEBUY GROUP

15th July 2014
INTRINSIC AND SENECA ACQUIRE HOMEBUY GROUP

Intrinsic Equity, the investment vehicle for Orbis Partners, has partnered with Seneca and the management of Homebuy in a £10m buy out of the Group that delivers significant funding to support growth. Homebuy is a leading retail financial services business headquartered in the Midlands and has operations across the UK in Glasgow, Belfast, Rotherham, Wigan and Seven Oaks.

Homebuy has 20,000 customers and will use the funding to further develop and strengthen its long established and growing presence in its regional markets.

James Grenfell, Principal of Intrinsic Equity and Senior Partner at Orbis, commented ‘the management team has ensured the business is well positioned to service the growing demand of the customer base and we look forward to working with them to achieve the strategic plan.

Nick Leitch, who leads Seneca’s equity and lending businesses said: “We are delighted at this opportunity to partner with management and Intrinsic to deliver this transaction. The funding structure we’ve created ensures significant scope for management to grow the Group.”

Investment equity was provided by Seneca and Intrinsic with senior debt facilities from Hampshire Trust Bank and junior debt from Seneca Secured Lending. Gateley advised Seneca and Intrinsic with Hill Hofstetter advising management and tax advice was provided by Smith & Williamson.

Intrinsic Equity is the investment vehicle of Orbis Partners. Intrinsic invests in businesses with a competitive advantage in markets with positive dynamics, often in challenging situations.

Seneca invest via discretionary funds, from their network of entrepreneurs, into businesses across most sectors with turnover up to £100m. Seneca has provided debt and equity funding for buyouts, growth, development and turnaround capital.

For further information contact:

James Grenfell
0121 234 6073 / jgrenfell@orbiscf.com

Toby Arrowsmith
0121 234 6076 / tarrowsmith@orbiscf.com

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