ThinCats has reportedly delivered a £1M ‘agile finance facility’ to fund MBO and contract win for Firtitudo Ltd. The transaction enabled the managing director of Firtitudo Ltd and database for business limited (dbfb) to acquire the remaining 45 per cent of secure communications specialist dbfb and the founder to exit. Midway through the transaction process, the business was reportedly faced with an immediate requirement for growth capital to fund a substantial new order. Enter ThinCats. The UK fintecher structured a facility to include bullet repayments and fixing the repayment date to suit the business’s monthly cash flows.
“Simon and his team have a very clear roadmap for the business and we are delighted to be playing our part in supporting them to achieve their ambitions in creating a world-class technology platform for business growth,” opined ThinCats Loan Origination Manager Matthew Lawrence. “In this fast-moving, digitally-driven environment, businesses seeking to scale need lenders that possess the experience and short lines of communication to be able to pivot quickly. Our role is to create certainty of deal execution, even when events are changing dynamically around us.”
The acquired company, database for business limited, provides organisations with secure connectivity and communications, incorporating landlines, cloud services and mobile. The growing business has offices in Northampton and Milton Keynes and a strong regional presence in the Midlands.
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“As well as funding the share purchase, ThinCats ensured that we had increased transitional funding for growth, enabling us to take on the order swiftly and smoothly. There was total transparency on both sides and that sense of openness and trust made this an enjoyable deal to work on together,” commented dbfb Managing Director Simon Pickering. “Our strategy is based on the old-fashioned values of service and relationships, as well as having an excellent understanding of the requirements of our local market. Our experience of ThinCats shows them to be an agile, modern business with traditional values, exactly what we were looking for from our lending partner.”
Earlier this month ThinCats provided Linlithgow-based Calnex Solutions with growth capital financing, to enable the acquisition of Belfast-headquartered JAR Technologies and the continued expansion of the combined entity.