Ashcombe advises Tosca Debt Capital on a strategic investment by KKR
Ashcombe is pleased to announce that is has advised Tosca Debt Capital (“TDC”) on a strategic transaction in which KKR will take a stake in TDC and both firms will establish a new capital partnership. The new arrangement will see Toscafund Asset Management exit as an investor and partner in TDC, having been involved as a cornerstone investor in TDC’s funds since inception. To reflect this change, the firm will now rebrand to TDC. Alan Burke, former co-head of KKR’s credit business, will join TDC as chairman.
Founded in Manchester in 2015 by partners Gary Davison and Richard Williams, TDC’s sweet-spot is lower mid-market companies across the UK, often with a private equity fund as a sponsor or major investor in a business. TDC also runs a smaller £50m Impact Fund to support job creation and growth in smaller businesses across the North of England.
Gary Davison, founder and CEO of TDC said, said:
“This is a landmark moment in the development of TDC. We are delighted to be collaborating with an organisation of KKR’s standing, and the resources, network and strategic input they will provide will be of huge benefit as we look to accelerate the growth of TDC in the years to come. We believe the new investment will place us in a great position to gain market share and show we are a committed funding partner for ambitious companies and private equity sponsors operating in the lower mid-market. We are delighted to have worked with Ashcombe on this transaction.”
Andreas Wesemann, Partner at Ashcombe, commented:
“Gary and Richard have built a fantastic business and it was a pleasure to contribute to the creation of this partnership with KKR.”