FluidOne has agreed a long-term refinancing agreement with Pemberton to drive its plans to treble in size over the next five years.
Pemberton has provided facilities to support the full refinancing and is providing a committed acquisition facility for future strategic add-ons.
Since investment from Livingbridge in 2019, supporting an MBO led by CEO Russell Horton, the business has quadrupled in size with revenue growing to £109m on the back of eight acquisitions.
The acquisition strategy has built a business with a 50% IT and cyber revenue mix and recurring revenues of over 70%.
Horton said: “We ran a process to seek a refinance package that would give flexibility and facilities to support us over the long term.
“We have our next acquisition in process that will be the first deployment of our new facility, and a pipeline of follow-on targets that fit our Connected Cloud Solutions strategy.”
Richard Meehan, MD, Origination at Pemberton, added: “We view FluidOne to be ideally positioned to benefit from continued strong demand for cloud and cyber security services.”
Based upon recent research commissioned by FluidOne, it is operating in a UK business customer market that spends £36bn a year on IT, Cyber and Communications.