CVC Credit Partners and the EQT Mid-Market Credit Fund announced today that their European Private Debt businesses have jointly provided a GBP 110 million unitranche facility to Paymentsense.
As Europe’s largest merchant services provider, Paymentsense specialises in providing fast, affordable and reliable card processing services to over 50,000 small and medium-sized businesses processing GBP 5bn of transactions per annum. The Company’s proprietary technology platform allows it to deliver industry-leading service levels to its rapidly growing customer base.
Chris Fowler, Managing Director in CVC Credit Partners’ direct lending business, said: “UK businesses are constantly looking for alternative ways to financially support their growth plans, and now so more than ever. Paymentsense is a very exciting company, with a differentiated business model, an entrepreneurial management team and huge growth potential. We are very proud to support the business as Paymentsense looks to continue its impressive track record of growth and expansion.”
Andrew Cleland-Bogle, Director in EQT’s Credit Team, Investment Advisor to the EQT Mid-Market Credit Fund, added: “We are delighted to partner with such an outstanding management team whose business is underpinned by technology and continuous innovation. Paymentsense is a best-in-class operator and exemplifies how non-sponsor backed companies can also avail of private debt capital to support their growth aspirations with tailored and flexible financing packages.”
Kerstin Danasten, EQT Press Officer
+46 8 506 55 334
Nina Suter, CVC Credit Partners
+44 207 42 09122
As Europe’s largest merchant service provider, Paymentsense enables over 50,000 SMEs to process over £5 billion worth of card payments each year. From contactless card machines to integrated solutions and online payment services, Paymentsense supplies small businesses with card processing solutions that allow them to take payments in store, online, over the phone and on the move.
About EQT Credit
The EQT Credit team, which acts as the Investment Advisor to the EQT Credit platform, was formed in 2008 and currently comprises over 20 professionals with complementary expertise in structuring deals, as well as in debt capital markets. The team has experience analyzing and investing in the European credit markets during several periods of global financial turmoil and economic stress over the last few decades. Over this time, the team has developed a highly effective sourcing network across Europe that provides EQT with access to attractive investment opportunities and ensures a strong deal pipeline. Since its inception, the EQT Credit platform has invested over EUR 2.5 billion in more than 80 companies.
The EQT Mid-Market Credit Fund seeks to provide flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. These businesses may be privately owned corporates seeking alternative funding to grow or be the subject of private equity-led acquisitions or refinancings.
For further information, please visit: www.eqtpartners.com
About CVC Credit Partners
CVC Credit Partners is the credit management business of CVC. Formed through a merger of predecessor firms that date back to 2005 and supported by a team of 46 dedicated investment professionals, CVC Credit Partners is a global credit asset manager with offices in the U.S. and UK and USD 16.1bn assets under management, as at Q3 2016.
CVC Credit Partners seeks to generate for its investors positive absolute returns and attractive risk-adjusted returns on capital throughout the credit cycle. CVC Credit Partners has built a diverse platform which creates significant synergies across its three investment strategies: Performing Credit, Credit Opportunities & Special Situations and Private Lending.
For further information, please visit: www.cvc.com