Forward support TopSource Worldwide on the acquisition of Blueback

Forward is delighted to continue its relationship with Horizon Capital backed TopSource Worldwide, supporting the management on the acquisition of Blueback Global.

TopSource Worldwide is a provider of payroll and Employer of Record services. Following investment by Horizon in 2020, the business has made seven acquisitions expanding its services and delivery locations for its global client base.

Blueback Global is a California-based leader in global expansion service, providing employer of record, entity set-up, entity management, multi-country payroll and global HR solutions for its customers across 50 global markets.

The acquisition provides a transformational opportunity for the enlarged combined business to take the lead in services to clients seeking to expand to markets around the world. The combination of TopSource and Blueback Global will create a business with 1,600 clients being served across 90+ markets around the globe.

Forward provided analytical and financial modelling support to the Topsource team during the process. The work helped to streamline the due diligence process, as well as provide the information required for TopSource, Horizon to model the transaction and support a refinance.

Nick Wain, CFO TopSource Worldwide commented, “Forward supported us on the initial investment from Horizon, so it made sense to turn to them for support on this transaction. They were excellent at collating, analysing and presenting the data to feed into a number of other workstreams on the acquisition and refinance. The extra support was invaluable for my team.”

Sarah Moores, Director Forward Corporate Finance commented, “Blueback is a complex business with many legal entities and a multitude of data to collate. We were able to step and work alongside the Topsource team adding extra support allowing them to focus on managing the wider process.”

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Acquisition Support

The right strategic acquisition, well planned and well executed, can be an excellent way to make a step change towards growing your business. Organic growth is tough. However, an acquisition in the UK or abroad is no magic bullet either and needs to be carefully planned, executed and integrated.

Management Buy Outs / Ins

Management buy outs are another way of buying or selling a business – it is a sale of the business to a management team. However, in most cases, you as a group of managers will not have the funds to buy the business and will require assistance from banks, private equity and the vendor.