Transaction Type

Business Services


RJD Partners | Improve International


Santander UK


RJD Partners & Improve International | Santander UK

finnCap Debt Advisory supports Improve International (“Improve”), a global provider of continuing education to the veterinary sector and portfolio company of RJD Partners (“RJD”), on the recapitalisation of the business through funding provided by Santander UK.

Richard Caston, Partner, RJD: “We backed the MBO of Improve during a global pandemic and opted to equity underwrite the full value of the deal at completion. Having performed well since the MBO, the business was in a strong position to be recapitalised and allow us to return a significant portion of the invested capital to our investors. We mandated finnCap and were very pleased with the range of deliverable options that they presented.”

Chris Convey, CFO, Improve: “The new debt facility from Santander UK is one of a range of options we considered; however, the ultimate financing structure ticked a number of boxes. The facility has enabled us to reduce the business’ cost of capital as well as setting up the perfect platform to execute our growth strategy. The support of the finnCap team was fantastic and enabled me to keep most of my focus on the business whilst having full ownership at critical milestones during the process.”

Alistair Hay, Partner and Head of finnCap Debt Advisory: “It was a pleasure to work with Richard and Chris on the recapitalisation of Improve. Amidst strong interest from lenders, Santander UK’s offering proved the perfect fit in providing significant liquidity to shareholders alongside flexibility to deliver Improve’s growth plan.”

Key Contacts

Alistair Hay

Partner & Head of Debt Advisory

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Krishan Raval

Director, Debt Advisory

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