June 6, 2022

Milbank Advises Debt and Preferred Equity Financing Sources in Orion’s Acquisition of CRM Company Redtail Technology


Milbank LLP represented Credit Suisse AG, Cayman Islands Branch as administrative agent and Golub Capital Markets as first lien lender as well as the second lien lenders and preferred equity purchasers in connection with Orion Advisor Solution Inc.’s (“Orion”) acquisition of all of the outstanding capital stock of Redtail Technology, Inc., a California-based client relationship management (CRM) company. The financing included incremental senior secured credit facilities comprised of an $85 million incremental first lien term loan facility and a $95 million incremental second lien term loan facility as well as $120 million in aggregate liquidation preference of preferred equity.

Founded in 1999, Orion is the premier provider of transformative wealthtech solutions for fiduciary advisors. Orion’s brand entities include Orion Advisor Technology, Orion Portfolio Solutions, Brinker Capital Investments, HiddenLevers and BasisCode, all of which connect goals to investment strategies and outcomes and track progress toward each investor’s unique definition of financial success.

The Milbank team was led by New York-based Global Leveraged Finance partners Lauren Hanrahan and Ben Miles with assistance from associates Natasha Graham, Nick Morgan, Edward McCartney, Nicole Rose and Ray Andrada.