Seneca’s Corporate Finance team have advised energy sector software specialist Utiligroup on a £5.5m refinancing which will allow the business to continue to invest in new products. Utiligroup and private equity funder NorthEdge Capital have agreed a senior debt package with the acquisition finance team at Lloyds Bank.
Seneca’s Corporate Finance team recently advised the management team of Utiligroup on a £16.1m management buy-out funded by NorthEdge Capital.
Commenting on the refinance, Utiligroup CEO Matthew Hirst said: “Investing in new technologies is the key to remaining at the forefront of the fast moving software industry. This new financing arrangement enables us to continue doing exactly that. With a solid foundation, we are well-placed to make the most of opportunities presented by the rapidly-growing business and residential energy sector.”
The deal was led by Seneca’s Head of Corporate Finance Gordon Lane and Director Andrew Stubbs.