Sentio Partners has advised Specialist People Services (SPS), the parent company of Driver Hire, on the refinancing of its senior and mezzanine debt facilities with Virgin Money.
The deal, which followed a competitive process, secured a £25m funding package to support both the refinancing and future growth of the business. It replaces SPS’s existing facilities with a more competitive structure and gives the group additional financial headroom as it continues to develop.
“Working with Sentio was thoroughly refreshing. Professional, clear, and genuinely helpful, and the outcome speaks for itself. This refinancing represents an important step in giving management greater control over the future direction of the SPS Group.”
Chris Chidley, CEO, SPS Group
Driver Hire was founded in 1983 and is the principal trading business within SPS. It has built a leading position in logistics recruitment and training, with operations across the UK and Australia. The group has delivered record revenues despite a challenging recruitment market — a strong indicator of the resilience of its business model.
PGIM, which has supported the business through its existing equity investment, remains an investor following the transaction.
Sentio acted as corporate finance and debt adviser throughout the process. Legal advice was provided by Squire Patton Boggs for SPS and Walker Morris for Virgin Money. BDO provided financial due diligence.
Andy Miller, partner at Sentio Partners, said: “This process was about converting the strength of the SPS business into improved financing terms, providing a robust debt funding platform alongside PGIM’s existing investment. As a resilient, cash-generative group delivering record revenues, SPS attracted strong lender interest, with the team at Virgin Money ultimately providing an attractive funding package in an efficient timeframe.”
