- Acquisition of a group of 19 pharmacies
- Acting for groups as well as numerous first-time pharmacy buyers and retirement sales
- Acquisitions and sales from large multiples
- Structuring and finance expertise
We introduced and negotiated the acquisition of a portfolio of B notes on behalf of our client for €3m, 24% of face value. The acquisition was made through a tax efficient structure enabling gains from sales of the B notes to be sheltered.
Of the €3m, €1m was paid back through cash flow within a year. We recently introduced the sale of one of the B notes to a fund for 65% of its face value, returning the remaining investment of €2m and realising a profit of €1.5m. We are now in the process of negotiating sales of the remaining B notes all of which will be additional profit for the client.
A portfolio acquired pre market-crash was re-valued at €70m against outstanding debt of €79m. The loan was split between two different lenders – A €46m and B €33m.
We approached the B lenders and negotiated the acquisition of the B note on behalf of our client for €11m, 33% of face value. We simultaneously introduced and negotiated a full refinance of the A note for 7 years at a floating rate (previously fixed). As a result, the client now had minimum equity of €24m plus cash flow over 7 years of approximately €4m – a return of €28m on an €11m investment.
CVS Law are property and corporate specialists regulated by the Solicitors Regulation Authority.