Deal Round-up 23/05/01

Close Brothers, 3i, Accretive, Royal Bank Ventures and Bank of Scotland do the business.

Close Brothers Growth Capital serves A-Z Restaurants

A-Z Restaurants, the group that owns a number of up-market restaurants in the UK, has received £5m in expansion capital from Close Brothers Growth Capital.

A-Z is due to open two new restaurants in London over the next four months. Beyond that, the group is planning to nearly double its size over the next two years by opening eight new restaurants over the period.

The financing, led by CBGC Managing Director Bill Crossan, provides a medium term loan of £2.5m to refinance existing facilities and £1.5m in Convertible Loan Stock to provide further development capital.

Accretive in Irish outsourcing play

Accretive Technology Partners has invested $10m of first round financing in French & Associates, a Dublin-based provider of accounts receivable outsourcing and order to cash services business.

French & Associates said it had plans to develop its European franchise, open a second office in the US alongside Atlanta and bring in executives to grow the businesses further.

3i gets its teeth into James Hull

James Hull Associates, the UK’s largest chain of private dental practices, has received £21m in second round financing.

Lead investor 3i has invested an additional £5m in the business, increasing its equity stake to 37.5 per cent. A £16m debt and mezzanine package was put together by Bank of Scotland Integrated Finance.

Scottish software maker KAL wins $3.5m

Royal Bank Ventures, CA Nominees and Scottish Equity Partners have between them invested $3.5m in an initial round of financing for KAL, a software company in Scotland.

KAL’s Kalignite system is a Microsift Windows NT or Windows 2000 component based software that is provides a framework for developing interoperable ATM and Kiosk applications. The company recently said it had sold 3,300 Kalignite units. The company operates globally and has offices in the US, Japan and Australia.