International legal practice Osborne Clarke has advised long-standing client The Green Deal Finance Company (GDFC) on the £40m disposal of its wholly-owned subsidiary, GDFC Services Limited (GDFC Services) to Green Bidco No 1 Limited.
The Green Deal Finance Company is a not-for-profit company, established to set-up, finance and administer Green Deal finance plans on behalf of Green Deal Providers within the Green Deal framework set up by the previous UK Coalition Government. GDFC Services and its subsidiaries own and operate the GDFC’s pay-as-you-save loan administration system as well as the GDFC’s loan book of Plans, which currently amounts to £43.8m.
Green Bidco No 1 Limited, an independent acquisition company jointly owned by Greenstone Finance Limited and Aurium Capital Markets, acquired GDFC Services following a bidding process which saw 14 separate parties interested in buying or investing in the company.
As part of completion of the sale, the GDFC has repaid in full the outstanding amount of £20.2m drawn under the senior loan facility from the Department for Business, Energy and Industrial Strategy.
The Osborne Clarke team that advised on the transaction was led by Partner Simon Smith, who was assisted by Partner Keith Bordell, Associate Director Tom Try and Senior Associate Matthew Hill. Green Bidco No. 1 Limited was advised by DLA Piper.