Business Services

AFA International / Limerston Capital



Transaction type Debt Advisory

Sector Business Services

“The separation of the wider group alongside the latest bolt-on acquisition for Forensic Access means both of our portfolio companies are primed for future growth. We were very pleased with the outcome of both transactions which are key for both groups to accelerate their growth in the markets in which they operate. We would like to thank Alistair, Krishan, Peter and the rest of the Cavendish team for successfully delivering this transaction.”


Cavendish Debt Advisory has supported Limerston Capital in refinancing existing debt facilities of its portfolio company, AFA International, as well as raising acquisition facilities as part of a wider group separation.

AFA International, a portfolio company of Limerston Capital, was originally created as the parent to Forensic Access Limited (“FAL”) – a leading provider of analytical services to the legal, policing and clinical sectors through toxicology, forensic services, and digital and cyber investigations – and TAG International (“TAG”), a provider of criminal justice consulting services.

Each business had different growth strategies and Management incentives and as such it was decided to separate the two. FAL had also agreed exclusivity on an acquisition – Forensic Testing Service (“FTS”) – and as such needed to raise debt facilities to support this acquisition.

Ultimately new debt finance was raise from ThinCats (for TAG) and Kartesia (for FAL) which enabled AFA to repay existing debt as well as allow FAL to complete the acquisition of FTS.

Alistair Hay, Partner & Head of Cavendish Debt Advisory:

“It continues to be a pleasure for us to work alongside Rockpool and we believe they have acquired a strong platform within the ever-consolidating IFA market. ThinCats demonstrated a strong understanding of the sector which enabled them to structure the optimal facility to enable the business to grow.”

Meet the deal team

  • Alistair Hay

    Alistair Hay


    +44 (0) 20 7908 6037

  • Krishan Raval

    Krishan Raval


    +44 (0) 20 3772 4706

  • Rosie Pennell

    Rosie Pennell

    Senior Associate

    +44 (0) 20 3772 4702

  • Peter McCague

    Peter McCague

    Senior Associate

    +44 (0) 20 3772 4681

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