IT firm armed with £30m war chest for acquisition spree
A firm which specialises in cloud and IT services has been armed with a £30m war chest to help fund an acquisition spree.
Chorley based Elite Group is a market leader in providing unified communications alongside cloud IT services.
The firm has announced it has secured a £30m refinancing deal with Lloyds Bank.
Matt Newing, Elite Group’s founder, said: “We’ve worked closely with Lloyds Bank for over 10 years so I am pleased that relationship will continue.
“With 16 successful acquisitions under our belt already, we now have a further £30m with which to continue growing through acquisition; and as always we will also continue to grow the business through organic means too.”
Rob Burbidge, Elite’s chief financial officer, added: “Working with Clearwater, Elite undertook a thorough review of the market and the various funding options.
“In many ways it was reassuring that the best solution was offered by Lloyds Bank and it meant we were able to convert an agreed offer into a signed agreement within just two weeks.
“To that end I am grateful to Gareth McIntegart – Elite’s in-house counsel -, together with Gareth Owen, Andy Langstaff and John Csizmadia, relationship director at Lloyds Bank.”
Gareth Owen, director of strategic debt finance for Lloyds Bank, said: “Elite Group is an innovative business that has expanded over the past few years.
“This is largely down to the ambition and commitment of the management team, who have continued to drive growth through strategic acquisitions.
“The new finance deal will provide the company with the increased headroom needed to push forward with its expansion plans, without impacting day-to-day cashflow.”
Advisors to Elite as part of the refinance included Tom Barnwell and Mark Ward at Clearwater International.
Legal advice came from Matt Christmas, Holly Daley and Chloe Abbott at DLA Piper.
Advisors to Lloyds Bank included Richard Harding and Steven Kingham from EY, Manchester.
Legal advice came from Richard Capper at Hill Dickinson.
