TLT advises Tern Capital on carve-out of CA Design Services

CADS is a market-leading technology-led survey and retail planning business with customers in 25 countries across five continents, serving global brands and international retailers. The transaction was financed through a combination of equity and a multi-million-pound loan and revolving credit facility from Shawbrook Bank.

TLT advised Tern Capital on all legal aspects of the transaction, including the corporate and banking workstreams, supported by other teams across the firm (IP, commercial, employment, tax and pensions).

The deal was led by corporate partner Adam Kuan, supported by Nicola Bilner and Sam Foley, as well as Jon Stewart and Ben Kumordzie from the banking team.

Karthik Dasari, managing director of Tern Capital said: “We’re excited to be supporting CADS on its growth journey as a standalone group. CADS’ market-leading services and software have already delivered significant benefits to customers. We’re grateful for the support provided by TLT throughout the transaction. The firm’s understanding of the technology sector is second-to-none. The team provided invaluable advice, which meant we were able to seamlessly and successfully conclude this transaction.”

Adam Kuan, corporate partner at TLT commented: “Technology continues to be one of the most active sectors for M&A activity. While M&A transaction volumes continue to be subdued in 2023 with dealmakers currently remaining cautious, the mid/long-term trajectory of technology M&A is likely to continue to move upwards, driven by macro-trends including digital transformation, e-globalisation, artificial intelligence and the availability of capital from private equity sponsors. It was a pleasure to work with Tern Capital on its latest investment, which will support the growth and development of CADS.”