Cloud firm in £58m refinancing
CLOUD services provider ANS has announced a record turnover of £53m as it agrees a £58m funding package that will see its founders increase their shareholding.
On the back of a record breaking year to the end of March 2016, with a run rate EBITDA of £8.6m, ANS has agreed a funding facility to exit various shareholders, incentivise the team and create a war chest for further acquisitions.
The £58m unitranche deal with The Royal Bank of Scotland and Muzinich & Co will allow sales director Dave Hutton and commercial director Chris Malthouse to exit the business.
Following completion of the deal founders Scott Fletcher and Paul Sweeney will remain the controlling shareholders, owning around 66% of the business between them.
Scott Fletcher, chairman and founder at ANS, said: “The business has performed exceptionally well and the funding sets us up nicely for our next stage of growth.
“They leave us in a very strong position looking forward. I thank them for their contribution and professionalism as we put in place the next stage of our development.”
The deal comes after the acquisition of specialist connectivity player Eison in January which ANS said is is now fully integrated.
Paul Sweeney, chief executive of ANS, said: “We’ve had an incredible year so far that’s seen us rank in the Sunday Times Top 100 Best Companies to work for, host a special visit from HRH Princess Anne, acquire and integrate connectivity specialists Eison and win significant new business contracts across multiple sectors.
“We are really confident about the opportunities ahead of us and I would like to thank the amazing team at ANS for their continued hard work and dedication. We have an incredible buzz across our offices right now, this deal allows us to move forward with our plans and continue to grow ANS whilst rewarding our management and employees.”
ANS was listed on Plus markets until 2011 and is therefore subject to the takeover code for a period of 10 years following delisting. A formal takeover code offer has been made for the business which will enable it to be taken fully private.
The transaction was arranged by Ballard Evans Corporate Finance, due diligence and tax advice was provided by PwC Manchester and legal advice by Addleshaw Goddard Manchester and Weightmans.