evo has been refinanced with increased funding facilities through its existing lending syndicate of Leumi ABL and Close Invoice Finance Limited. The facilities provided are an £80m invoice finance facility and £13m in term loans. This is a substantial facility, and the initial term is four years.
The funding has enabled the company’s CEO Andrew Gale to lead a management buyout, which facilitates a successful exit for funds managed by Endless LLP, evo’s long-standing PE shareholder.
Endless acquired Vasanta in 2009, and has supported the acquisitions of Office2Office in 2014, Premier Vanguard in 2019, and Complete Business Solutions in 2023. The group also acquired the Staples.co.uk license and Staples corporate book of business in 2020 and the 5Star brand in 2024 to further diversify both its product offering and routes to market.
Gale will continue as Chief Executive supported by Jon Maxted, evo CFO and the evo trading board and team.
Gale said: “From day one as Chief Executive the goal was to materially transform the trading results of evo and to enable an exit for Endless. The evo business has made major strides over the last couple of years and we are excited about the opportunities in front of us. This refinancing and transaction unlock the opportunity for evo to take on fresh investment to support our ambitions in terms of product and geographical expansion, all within a balanced multi- sales channel model.”
