A search fund is a pool of capital raised by a management team with entrepreneurial aspirations. Its purpose is to search and acquire a private company with an enterprise value (EV) between $5 and $30 million. The funds are usually raised from high net worth individuals that believe in the skill set and abilities of the management team that will...
Under unitranche financing, one lender provides the entire credit with a single set of documents. This can provide a number of benefits to the borrower as follows:
Simplifies the documentation and reduces the paperwork for borrowers because there is just one credit agreement and a single set of collateral documents.
Accelerates the acquisition process because buyers don't need to find and negotiate with two separate lenders for the senior and mezzanine debt. As well, since the loan documentation is much simpler, unitranche loans can be pulled together more quickly.
Saves the borrower money because only one agreement will need to be drafted and reviewed by a single legal team for the lender.
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