Our portfolio

We are extremely proud to partner with some of Europe’s most exciting growth companies in software and services.

"A common characteristic throughout our growing portfolio is exceptional business models being run by strong management teams. All of the companies and situations are unique and on their own growth trajectories – our job is to understand, support and unlock future opportunities with transformative credit solutions."

Ilkka Rantanen
Co-Founder and Partner

Capital
Requirement

Acquisition
Finance

Expansion / Growth
Investment

ARR
Leverage

Refinancing + growth
investment

Dividend
Recapitalisation

“War-chest”
Facilities

Minority
Leverage

Focus Sectors

  • Software

  • Services

AshGrove Solution

Senior / Unitranche: Bespoke unitranche facilities with embedded first lien and junior secured risk in one tranche

Senior Growth Capital: Growth debt as accretive alternative to growth equity

Senior Asset-Backed: Ability to lend against “hard assets” such as receivables in specialty finance companies or esoteric hard assets

Channel Management Software

Type of Deal
USD16.5m refinancing + growth debt

Investment Date
2022

Sector
Software

Headquarters: 🇬🇧 🇺🇸

  • Market leading provider of channel management software improving sales efficiency for the Company’s customers

  • A first lien facility to refinance existing debt and fund additional growth investment

HCM Software

Type of Deal
EUR32m growth debt + equity

Investment Date
2022

Sector
Software

Headquarters: 🇳🇱

  • Specialist provider of employee listening software for use across the whole employee lifecycle

  • A first lien facility and equity co-invest to support the sponsor’s acquisition and fund growth investment

Fintech

Type of Deal
GBP35M acquisition debt + equity

Investment Date
2021

Sector
Services

Headquarters: 🇬🇧

  • Fintech providing pensions and savings solutions to both employers and employees

  • A first lien facility to fund an acquisition and organic growth investment

  • Follow on investment completed to support ongoing M&A strategy

 

MarTech Software

Type of Deal
EUR10m growth debt

Investment Date
2021

Sector
Software

Headquarters: 🇮🇪

  • Specialist provider of multi-channel customer engagement software solutions

  • A first lien facility alongside a minority equity transaction with a sector specialist to fund accelerated growth investment

Workflow Automation Software

Type of Deal
EUR30m growth debt

Investment Date
2019

Sector
Software

Headquarters: 🇳🇴

  • Cloud-based asset and contract management software solutions provider to SMEs

  • A first lien facility to fund accelerated growth investment

  • Follow on investment completed to support ongoing M&A strategy

E-Commerce Software

Type of Deal
EUR34.5m growth debt + equity

Investment Date
2021

Sector
Software

Headquarters: 🇵🇱

  • Specialist provider of marketing automation and customer data platform solutions for the e-commerce sector

  • A first lien facility and equity co-invest to fund growth investment and support the sponsors’ acquisition

 

Vertical Software

Type of Deal
GBP27.5m refinancing

Investment Date
2020

Sector
Software

Headquarters: 🇬🇧

  • Specialist provider of data and software solutions to the automotive industry

  • A first lien facility to refinance shareholder notes and fund deferred consideration

  • Follow on investments completed to support strategic M&A activity

E-Commerce Software

Type of Deal
EUR43m growth debt

Investment Date
2021

Sector
Software

Headquarters: 🇫🇷

  • European focussed provider of e-commerce analytics and optimisation software

  • A first lien facility to refinance shareholder notes and fund additional growth investment shortly post acquisition

  • Follow on investment completed to support ongoing M&A strategy

Infrastructure Services

Type of Deal
EUR28m growth debt

Investment Date
2019 (exited 2021)

Sector
Services

Headquarters: 🇬🇧

  • Specialist operator of mission-critical infrastructure sites, backed by long-term contracts and ownership of strategic infrastructure

  • A secured facility alongside existing lenders to refinance existing debt following a period of business growth

 

Radiology Services

Type of Deal
EUR11m growth debt

Investment Date
2018

Sector
Healthcare Services

Headquarters: 🇩🇪

  • European radiology services and solutions provider to hospitals and medical professionals

  • A tailored debt solution alongside existing debt to support the business’ geographic expansion

  • Proactis

    Business Spend Management Software

    Type of Deal
    GBP36.5m refinancing + growth debt

    Investment Date
    2023

    Sector
    Software

    Headquarters
    United Kingdom

    • Specialist provider of business spend management software solutions to private and public market customers

    • AshGrove provided a first lien facility to refinance an existing loan and fund growth investment

  • Qoria

    Vertical Security and Monitoring Software

    Type of Deal
    AUD30.4m refinancing + growth debt

    Investment Date
    2023

    Sector
    Software

    Headquarters
    Australia & United Kingdom & United States

    • Global specialist provider of digital safety and student wellbeing software solutions to schools and school communities

    • A first lien facility to fund growth investment and refinance existing debt

  • Vertical ERP Software

    Vertical ERP Softwareblanketitlelinebreak

    Type of Deal
    EUR30m growth debt

    Investment Date
    2023

    Sector
    Software

    Headquarters
    Belgium & Italy

    • Market leading provider of mission critical trade promotion management and optimization software to the Consumer Packaged Goods sector

    • A first lien facility to fund a carve-out and business combination as well as further organic growth investment

  • Social Listening & Analytics and Media Monitoring

    Social Listening & Analytics and Media Monitoring

    Type of Deal
    USD13m growth debt

    Investment Date
    2023

    Sector
    Software

    Headquarters
    Ireland

    • A specialist provider of predictive media intelligence directed at communications and media professionals

    • A first lien facility to fund additional growth investment and refinance existing debt

  • Channel Management Software

    Channel Management Software

    Type of Deal
    USD16.5m refinancing + growth debt

    Investment Date
    2022

    Sector
    Software

    Headquarters
    United Kingdom & United States

    • Market leading provider of channel management software improving sales efficiency for the Company’s customers

    • A first lien facility to refinance existing debt and fund additional growth investment

  • HCM Software blanktitlelinebreak

    HCM Software blanktitlelinebreak

    Type of Deal
    EUR32m growth debt + equity

    Investment Date
    2022

    Sector
    Software

    Headquarters
    Netherlands

    • Specialist provider of employee listening software for use across the whole employee lifecycle

    • A first lien facility and equity co-invest to support the sponsor’s acquisition and fund growth investment

  • Fintech

    Fintech blanktitlelinebreak blanktitlelinebreak

    Type of Deal
    GBP37.75M acquisition debt + equity

    Investment Date
    2021 (exited 2023)

    Sector
    Services

    Headquarters
    United Kingdom

    • Fintech providing pensions and savings solutions to both employers and employees

    • A first lien facility to fund an acquisition and organic growth investment

    • Follow on investment completed to support ongoing M&A strategy

  • MarTech Software

    MarTech Software blanktitlelinebreak

    Type of Deal
    EUR10m growth debt

    Investment Date
    2021

    Sector
    Software

    Headquarters
    Republic of Ireland

    • Specialist provider of multi-channel customer engagement software solutions

    • A first lien facility alongside a minority equity transaction with a sector specialist to fund accelerated growth investment

  • Workflow Automation Software

    Workflow Automation Software

    Type of Deal
    NOK300m growth debt

    Investment Date
    2019 (exited 2022)

    Sector
    Software

    Headquarters
    Norway

    • Cloud-based asset and contract management software solutions provider to SMEs

    • A first lien facility to fund accelerated growth investment

    • Follow on investment completed to support ongoing M&A strategy

  • E-Commerce Software

    E-Commerce Software blanktitlelinebreak

    Type of Deal
    EUR34.5m growth debt + equity

    Investment Date
    2021

    Sector
    Software

    Headquarters
    Poland

    • Specialist provider of marketing automation and customer data platform solutions for the e-commerce sector

    • A first lien facility and equity co-invest to fund growth investment and support the sponsors’ acquisition

  • Vertical Software

    Vertical Software blanktitlelinebreak

    Type of Deal
    GBP27.5m refinancing

    Investment Date
    2020

    Sector
    Software

    Headquarters
    United Kingdom

    • Specialist provider of data and software solutions to the automotive industry

    • A first lien facility to refinance shareholder notes and fund deferred consideration

    • Follow on investments completed to support strategic M&A activity

  • E-Commerce Software

    E-Commerce Software blanktitlelinebreak

    Type of Deal
    EUR43m growth debt

    Investment Date
    2021

    Sector
    Software

    Headquarters
    France

    • European focussed provider of e-commerce analytics and optimisation software

    • A first lien facility to refinance shareholder notes and fund additional growth investment shortly post acquisition

    • Follow on investment completed to support ongoing M&A strategy

  • Infrastructure Services

    Infrastructure Services blanktitlelinebreak

    Type of Deal
    EUR28m growth debt

    Investment Date
    2019 (exited 2021)

    Sector
    Services

    Headquarters
    United Kingdom

    • Specialist operator of mission-critical infrastructure sites, backed by long-term contracts and ownership of strategic infrastructure

    • A secured facility alongside existing lenders to refinance existing debt following a period of business growth

  • Radiology Services

    Radiology Services blanktitlelinebreak

    Type of Deal
    EUR11m growth debt

    Investment Date
    2018

    Sector
    Healthcare Services

    Headquarters
    Germany

    • European radiology services and solutions provider to hospitals and medical professionals

    • A tailored debt solution alongside existing debt to support the business’ geographic expansion