EVO has announced a new refinancing package as well as further investment from Endless, its main shareholder.
The company has entered into a new three-year £90 million funding arrangement with Leumi ABL and Close Brothers. This replaces the existing facilities – which were due to expire in December 2023 – and consists of an £80 million invoice finance facility and a £10 million term loan. The funding will be led by Leumi ABL, continuing its relationship with EVO, and new partner Close Brothers.
EVO said the new structure represents “materially improved financial terms” that reflect “a positive financial performance in recent months”.
Endless Partner James Woolley said the private equity firm was “very pleased” with the “material improvement” in EVO’s performance over the past 12 months, adding: “This refinancing both reflects that and creates opportunities to accelerate the development of [the business] in the months ahead. We are very positive about the future for EVO.”
At the same time as the refinancing deal was announced, it was confirmed that Endless has increased to £11 million the facilities provided to EVO for a further three years.
EVO CEO Andrew Gale, who called Endless “an excellent investor and partner”, stated: “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.”
Woolley 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 […] reflects our belief in the business.”
Gale concluded: “EVO is moving forward positively. Our numbers are improving, we have the support of strong stakeholders, and we are focused on delivering both with and for our UK and Irish customers and suppliers.”