New Deal: K3 Advantage advises Arena Investors with Pulse MBO

Financial advisory experts K3 Advantage provided financial and tax due diligence to support Arena Investors with their backing of a management buy-out of Pulse Cashflow Finance.

Arena Investors, LP (“Arena”) is a global multi-strategy investment firm with approximately $4.2 billion of assets under management. Since their founding in 2015, Arena has provided capital for more than 500 transactions, deploying $5 billion of cumulative capital. Arena has a team of approximately 200 professionals across 8 global offices operating in 20 countries.

Led by CEO and CIO Daniel Zwirn, the investment firm partnered with Pulse Cashflow Finance to support their ambitious future growth strategy, with plans to build a wider portfolio of finance solutions.

Pulse Cashflow Finance, founded by managing director Toni Dare, was sold in 2019, though Toni Dare remained as managing director. In 2024, the management team of Toni Dare and Sales and Marketing Director Martin Bennison identified, proposed, and seized the opportunity to execute an MBO from their parent company, refreshing the brand to support their growth ambitions. Financial details of the transaction remain undisclosed.

K3 Advantage supported the transaction with data-driven financial and tax due diligence. Cripps also supported the deal, providing buyside legal support.

As part of multi-disciplinary professional services group K3 Capital, K3 Advantage provides honest, insightful advice underpinned by comprehensive data analytics that fully addresses the commercial and strategic considerations around transactions – harnessing the power of data not just to inform on essentials for completion, but to arm clients with the knowledge needed to develop and enhance their strategy for the adventure that follows.

Jack Clipsham, Senior Consultant from K3 Advantage, added:

“This was a relatively complex transaction, with our due diligence contributing significantly to the final structure of the deal. It was a pleasure working with the Management team and Pablo Fraga, who led the transaction for Arena, and we wish them every success in the future.”

Managing Director of European Private Investments Pablo Fraga oversaw the investment transaction for Arena. He continued:

“We are excited to close on this transaction which was bolstered by the partnership and expertise of the K3 Advantage team.”

About Arena Investors

Arena Investors, LP (“Arena”), a global multi-strategy investment firm with approximately $4.2 billion of assets under management and programmatic capital^[1] as of March 31, 2025, is a subsidiary of Arena Investors Group Holdings (“AIGH”). AIGH, along with its affiliate, Ceres Life Insurance, composes the Westaim Corporation (TSXV: “WED”), an integrated asset management and life insurance and annuity provider.

In its alternative business, Arena provides creative solutions for those seeking capital across all corporate, real estate, and structured finance investment areas, at all levels of the capital structure, and in all developed markets, alongside operational capabilities to manage and improve the businesses and assets in which it invests.

The firm brings individuals with decades of experience, a track record of comfort with complexity, the ability to deliver within time constraints, and the flexibility to engage in transactions and business operations that cannot be addressed by banks and other conventional financial institutions. See www.arenaco.com for more information.

[1] Programmatic capital includes callable capital to discretionary and non-discretionary separately managed accounts.