Pinsent Masons financial services team advises mid-market specialist ThinCats

The partnership creates the UK’s stand-out industry leader in the provision of non-emergency patient transport services to the NHS and local authorities. The enlarged business serves more than 50 commissioning bodies with the support of 2,500 specialist employees, from 55 operational sites nationwide. In 2022, the combined business generated revenues in excess of £100m. 

The Pinsent Masons debt finance team advising ThinCats on this latest leveraged financing comprised Financial Services Partner Max Millington, Legal Director Seána Donaghy and Associates Georgina Cockerton and Tom Denslow.  

It follows hot on the heels of ThinCats’ January investment in Waterland Private Equity majority-owned Markettiers4DC, a London-headquartered network of tech-enabled, data-driven, broadcast activated, strategic communications agency.  That was a deal on which Pinsent Masons’ private equity team (led by Kieran Toal) and debt finance team (led by Tim Fearn) advised the sponsor.

Pinsent Masons also advised ThinCats in October 2022 on its support for private equity house Chiltern Capital’s investment in SiXworks, a designer and implementer of specialist and complex IT solutions for highly secure critical risk environments within the public sector.  That transaction was again led by Max Millington, alongside Legal Director Shonagh Brown and Associates Lucy Griffiths and Franzi Poxon.  

Max Millington said: "These transactions demonstrate ThinCats’ commitment to private equity activity across a number of sectors. More broadly it is reassuring to see debt market participants such as ThinCats contributing to the resilience of the mid-market following what was a more challenging 2022 for many of our clients within both the funder and sponsor/borrower communities. We look forward to seeing this reinvigoration gain pace through the course of the year."

Neil Patel, Senior Origination Director, at ThinCats said: “We are grateful to the Pinsent Masons team for their legal and transactional expertise in helping us successfully to deliver these recent investments for our clients on their requisite timelines. We have found Pinsent Masons to be a supportive and trusted legal partner of ours, and look forward to working with them on future transactions.”