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Extended Case Study

Project Carbon

Working with a longstanding client, to exclusively hire numerous positions within a key deal team. Each hire conducted on a role-by-role basis (2021 - date). 

Single Hire Leveraged Finance Growth Finance Unitranche
Growing Team multiple hires

The Situation

A newly launched Growth Capital team, offering both Venture Debt and Unitranche facilities, requires a series of hires over time, in various deal support positions, to capitalise on their continued growth and increased transaction opportunities.

Associate Director (2021)

Associate Director (2021)

Analyst (2022)

Analyst (2022)

Associate Director (2023)

Associate Director (2024)

Associate Director (2024)

Associate (2024)

  1. Candidates must have relevant-level transaction experience directly within sector.
  2. Candidates must possess the drive necessary to self-develop and continually rise to the ongoing challenges of working in a growing team.
  3. Candidates must fit with the developing culture dynamic within team.

Venture Debt

Team Product

  • Presence of existing investor (VC, PE or Family office) in company shareholding.
  • Enterprise value +£10m (based on previous fund raising).
  • Growth of 20% forecasted for the next 12 months.
  • Minimum existing sales revenue of >£2m.

Quantum: £1m - £10m limit

Term: 3 year term

Debt to equity <33%

Security: Debenture

Unitranche

Team Product

  • Private Equity houses investing in UK SMEs
  • Cash-generative businesses with track record of profitability 
  • Experienced and stable management team in place 
  • Single secured unitranche term loan 
  • RCF, acquisition and capex facilities on request 
  • Acquisition and capex facilities on request

Minimum EDITDA: £1m

Funding range; £2m - £20m

Leverage maximum 5x EBITDA

Typical tenor: 6 years 

Bullet repayment 

Challenges

With each hire, there were common challenges presented. Putting aside the obvious challenge of sourcing suitable talent with the right skill set and correct sector exposure, these processes were each complicated by our client being a newer entrant into this market. Thus, giving us – as we saw it – 4 key challenges to overcome.

Candidate Awareness

Whilst Team Carbon do sit as a prominent UK specialist lender, this reputation did not necessarily extend itself into the world of Leveraged Finance and Venture Debt. Educating prospects on Team Carbon's positioning was imperative.

Candidate Attraction

In what can often be an 'elite employer' preference market, it's crucial to sell the unique opportunities of Team Carbon to candidates, who are looking at global banks or boutique funds - typically with higher salaries - as alternatives.

Candidate Engagement

Keeping candidates interested in an ultra-competitive recruitment market such as this, is arguably the hardest task. With new opportunities being presented by other recruiters or companies directly at any time, it is only with real candidate relationship building and process management, that you can prioritise your process and cut through the other market-noise.

Candidate Culture

With any small team, ensuring the right culture from the beginning is part of the foundations for building success - with performance itself and with moral.

Success in numbers

£90m

book size

10

portfolio

£9m

avg. deal

3

team size

£230m

book size

20

portfolio

£11.5m

avg. deal

5

team size

£320m

book size

36

portfolio

£8.8m

avg. deal

6

team size

£370m

book size

40

portfolio

£9.25

avg. deal

8

team size

£500m

book size

50

portolio

£10m

avg. deal

13

team size

Hiring outcomes

#1 Associate Director (2021)

“David worked closely with us over a number of months to really refine and hone the mandate, and understand our team dynamic and culture. [Candidate] has been a hugely successful hire, having since been promoted to Director within the team and now originating and executing their own deals.”


Managing Director, Team Carbon

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#2 Associate Director (2021)

"Hiring a Venture Debt lead to relaunch our product to market required a unique blend of skills and experience, both technical and client-facing. David approached the request from a different perspective, bringing a young and ambitious former [Competitor] apprentice into the team – and he has gone on to become [Client’s] key face-to-market in venture, participating in podcasts and panels and representing our values externally. [Candidate] was also recently promoted to director."


Managing Director, Team Carbon

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#3 Analyst (2022)

"Joining [Venture lead] to support the team, [Candidate] was perhaps a hire that would have been overlooked by traditional recruiters, given he worked outside the UK and was a recent university graduate. However, his positive attitude and willingness to learn have cemented him as a key player in our growing team, and he continues to go from strength to strength."


Managing Director, Team Carbon

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#4 Analyst (2022) + #5 Associate Director (2023)

"[Analyst] and [Associate Director] have both joined more recently, but fair to say both have made a flying start." 


Managing Director, Team Carbon

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Candidate Experience

Associate Director (2023)

Working with David has been incredible, by far the best recruiter I have worked with in the financial services sector. He's knowledgable and well connected, and more importantly for any candidate, he's personable and honest which is an attribute often lacking with other recruiters. 


In the past I have felt relationships with other recruiters are very transactional with recruiters showing little regard for candidates, however with David I instantly was able to recognise his ability to build up a rapport with a candidate and understand their goals and desired career path and have an upfront down to earth conversation with them. 


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Associate (2024)

David has been great to work with through my process of landing a role. He has always had the time to answer any questions and provide guidance for each interview. 


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Ready to find out more?

His proactive and strategic approach has become a critical dependency to my success, and I view him as a true long-term partner. 

I would never use anyone else, and appreciate the long-term investment and time he has committed.

Managing Director, Team Carbon