Refinancing deal secured for business supplies and services group
A multi-million pound refinancing facility has been agreed for the Sheffield-headquartered EVO Group of companies.
Asset Based Lender, Leumi ABL, has supported the Group with the facility.
EVO Group is a specialist multi-channel distributor of business supplies and services, which is backed by Leeds-headquartered private equity investor Endless.
It provides sourcing, delivery, storage and fulfilment services to over 2,000 resellers, corporate organisations and direct customers through four group companies.
After a competitive process including offers from its existing lenders, EVO Group has agreed new syndicated facilities with Leumi ABL and BREAL Zeta for the next three years to replace its existing facilities that were due to expire in April 2021.
The funding provided by Leumi ABL forms part of a new £90m financing facility to support EVO Group’s future plans.
Andrew Gale, group finance director, EVO Business Supplies Limited, said: “The requirement to transact quickly is critical to EVO as we continually look to maximise strategic opportunities to drive scale.
“The relationship between Leumi ABL and BREAL Zeta was seamless as they combined perfectly to structure the optimal funding mix and provide the momentum to make the deal happen.
“They know what they are doing and delivered exactly what they said they would do with speed, clarity and purpose.
“The substantial facility has succeeded in creating the platform and capacity for EVO to pursue significant opportunities for further organic growth and future acquisitions.”
John Walsh, Leumi ABL regional director, added: “Leumi ABL working alongside the BREAL Zeta team is a great example of two flexible ABL funders working in tandem to deliver the correct ABL funding facility structure for the EVO management team and PE Sponsor, Endless LLP.
“This ‘Club’ deal completed despite being in the middle of the Covid-19 pandemic and has put the EVO Group in a strong position going into 2021 with the opportunity to further develop and grow market share.
“We look forward to working with all parties as they move forwards with their growth plans in the years ahead.”