evo Business Supplies has entered a new 3 year £90m funding arrangement with Leumi ABL and Close Brothers.
This replaces the existing facilities, which were due to expire in December 2023, and consists of a £80m Invoice Finance facility and a £10m Term Loan. The funding will be led by Leumi ABL, continuing its relationship with evo, and new partner Close Brothers.
The new structure represents materially improved financial terms for evo reflecting a positive financial performance in recent months.
Commenting, Jon Maxted, evo CFO, says, “We are very pleased to conclude this process and deliver new facilities for evo, which meet the needs of the business. We are pleased to be continuing the strong relationship we have developed with Leumi and welcome Close Brothers as a partner.”
evo CEO, Andrew Gale, adds, “This is one of two important announcements, which when combined position evo strongly for the next three years. evo is moving forward positively. Our numbers are improving, we have the support of strong stakeholders, and we are focussed on delivering both with, and for, our UK and Irish customers and suppliers.
James Woolley, Endless partner, adds, “We are very pleased with the material improvement in evo’s performance over the last 12 months and this refinancing both reflects that and creates opportunities to accelerate the development of evo in the months ahead. We are very positive about the future for evo.”
John Walsh, Regional Sales Director at Leumi ABL, says, “We are delighted to lead the £90m ABL club facility, with Close Brothers as participant, enabling us to continue our relationship with the evo Management Team and complete the refinance in such a short timeframe. This is a great example of two lenders working together with a supportive PE Sponsor and we look forward to supporting evo Management in their exciting development and growth plans, seeing the business grow from strength to strength.”
Andrew Metcalfe, Head of ABL Sales, North at Close Brothers, says, “Close Brothers are delighted to support evo and Endless with this refinance package. Along with our partners Leumi ABL, the facilities provided will support the ongoing growth and strategic vision of the evo management team with the ongoing support of Endless.”
Endless Increases evo Investment and Recommits
Endless, evo shareholder and one of the UK’s leading private equity businesses, has reinvested and recommitted to evo.
In tandem with the evo Refinancing, Endless has increased to £11m the facilities provided to evo for a further 3 years.
Andrew Gale, evo CEO, says, “Endless is an excellent investor and partner and the right backer for evo during this stage of the development of the business. Endless has delivered on my ask to support the business. This is a two-sided investment – time and money – and both are important. When combined with our refinancing, this positions evo strongly for the next three years.”
James Woolley, Endless partner added, “We asked Andrew what he required from Endless, and we are pleased to have delivered. We are likewise very pleased with the material improvement in evo’s recent performance under Andrew’s leadership and our reinvestment and recommitment to the evo business reflects our belief in the business. We are very positive about the future for evo.”
For more information, visit, www.evo-group.co.uk.
