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Synova Capital refinances buy and build project CloudXL

24 Apr 2012

UK mid-market private equity firm Synova Capital has refinanced its cloud based IT portfolio company CloudXL.

Clydesdale Bank provided the new debt facilities for the company, which offers cloud IT and networking solutions to SME businesses.

Synova created CloudXL last year following a trio of acquisitions, beginning with the management buyout of Actimax 12 months ago through a full equity underwrite.

The firm said the updated debt restructuring was made in the wake of the new company becoming fully integrated, which allowed it to negotiate the best possible rate.

It said it plans to use the capital to support further buy and build acquisitions for the company.

Synova managing partner and CloudXL director Philip Shapiro said, “We are delighted to have completed the refinancing of CloudXL and to have brought on board a high quality banking partner to support the buy and build.

“Despite difficult debt markets CloudXL received several competing financing offers which is a reflection of the company’s robust business model and strong growth prospects.”

Synova focuses investments on lower mid-market companies in the business and IT, financial services, consumer, leisure, healthcare and education sectors.

In February the firm bought medical equipment testing company TAG Medical through its portfolio company dbg.

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