Hallmarq Veterinary Imaging, a portfolio company of August Equity, has been refinanced
Hallmarq Veterinary Imaging
Hallmarq Veterinary Imaging is a leading developer and supplier of innovative diagnostic imaging technology to the veterinary market, including equine magnetic resonance imaging (MRI) (the world’s only standing equine MRI system) and computed tomography (CT) scan and small animal MRI. It has helped to deliver more than 300,000 animal scans across 25 countries from an installed base that is now over 130 scanners. The company is headquartered in the UK with additional locations in the United States.
The Deal
Against a challenging market backdrop, Lincoln International advised Hallmarq on its dividend recapitalization, enabling the company to refinance its existing facilities and return capital to investors while providing ongoing firepower to support the significant growth of the business as Hallmarq continues to win new contracts globally, leveraging its unique technology.
Lincoln achieved the company’s and investors’ key objectives by demonstrating the excellent credit characteristics exhibited by the business, including long-term contracted revenue streams protected against inflation.
Kate Cook, Partner at August Equity, stated,”Lincoln’s advice and support was invaluable as we refinanced the businesses’ existing facilities to provide support for the continued strong growth through new installations, underpinned by our recurring revenue model and unique technology. As a result of the transaction, Hallmarq is very well positioned to continue its growth trajectory by winning new customers across the world.”
Our Perspective
Aude Doyen, Managing Director in Lincoln’s Capital Advisory Group, commented, “Hallmarq’s revenue share model combined with long-term maintenance service contracts provides strong revenue visibility and creates long-term partnerships with customers. On this transaction, positioning and articulating the compelling investment thesis was key to delivering the optimal financing package.”
Lincoln’s advice and support was invaluable as we refinanced the businesses’ existing facilities to provide support for the continued strong growth through new installations, underpinned by our recurring revenue model and unique technology.
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Aude Doyen
Managing Director & Co-head of Capital Advisory, Europe
London
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