Pefkos - stock.adobe.com
Unified comms specialist Elite Group has indicated that it is going to get back on the acquisition trail having secure refinancing from the bank.
The firm has managed to get a £30m refinancing deal with Lloyds Bank, which it has a long standing relationship with, and has made no secret that some of that money could help fuel expansion plans.
The firm has been going for 18 years and has acquired 16 companies in that time employing 190 staff across seven offices in both the UK and Europe.
“We’ve worked closely with Lloyds Bank for over 10 years so I am pleased that relationship will continue. With 16 successful acquisitions under our belt already, we now have a further £30m with which to continue growing through acquisition; and as always we will also continue to grow the business through organic means too," said Matt Newing, Elite Group founder.
The unified comms player did survey the market for sources of refinancing but was able to stick with Lloyds because it came up with the best offer and as a result got the paperwork signed in just a couple of weeks.
“Elite Group is an innovative business that has expanded over the past few years. This is largely down to the ambition and commitment of the management team, who have continued to drive growth through strategic acquisitions. The new finance deal will provide the company with the increased headroom needed to push forward with its expansion plans, without impacting day-to-day cashflow," said Gareth Owen, director of strategic debt finance for Lloyds Bank.
At the end of last year Elite set up a team to oversee acquisitions headed by Group CFO Rob Burbidge and Alex Cliffe, commercial director, with deals that go through being supported by a business and operational integration team.
Just a matter of weeks later, in January, the firm sealed its first deal of this year purchasing Support Span group, trading as HighSpan, a telephony system specialist with an expertise in converged voice and data networks.