cloudxl completes refinancing
Synova Capital (“Synova”), the UK lower middle market investor, today announces the debt refinancing of portfolio company cloudxl, with Clydesdale Bank providing new debt facilities. cloudxl is one of the UK’s leading providers of cloud based IT and Network services to the SME sector.
In April 2011, Synova completed the management buyout of Actimax by offering a full equity underwrite, thus providing certainty of delivery for the vendors. A further two acquisitions were funded by Synova in 2011 to form cloudxl. With the group now fully integrated Synova was able to negotiate the best possible debt financing package to re-finance its equity commitment and support the company’s buy and build strategy. Synova and cloudxl selected Clydesdale Bank from a number of competing financing offers.
Commenting on the refinancing, Philip Shapiro, a Managing Partner of Synova and Director of cloudxl, said: “We are delighted to have completed the refinancing of cloudxl and to have brought on board a high quality banking partner to support the buy and build. Despite difficult debt markets cloudxl received several competing financing offers which is a reflection of the company’s robust business model and strong growth prospects”