Clearwater International has advised the UK lower mid-market investor, Synova Capital (“Synova”), on the debt refinancing of portfolio company Cloud XL, with Clydesdale Bank providing new debt facilities. Cloud XL is one of the UK’s leading providers of cloud based IT and network services to the SME sector. In April 2011 Synova completed the management buyout of Actimax, financing the acquisition with a full equity underwrite and providing certainty of delivery for the vendors.
“We are delighted to have completed the refinancing of Cloud XL and to have brought on board a high quality banking partner. Despite difficult debt markets Clearwater’s process ensured Cloud XL received several competing financing offers, allowing us to select the right partner to support our plans for the business.”
“Synova Capital has grown Cloud XL into one of the leading players in its field. The refinance has put Cloud XL in an even stronger position to continue its ambitious expansion strategy and capitalise on the rapid growth of the cloud based managed IT services sector.”