EQT Credit provides second refinancing to Paymentsense
The EQT Credit platform announced today that it has arranged GBP 218 million of senior and subordinated financing for Paymentsense alongside CVC Credit Partners. This is the second round of financing agreed by EQT Credit to Paymentsense, following participation in the GBP 110 million unitranche facility provided in November 2016.
As Europe’s largest merchant services provider, Paymentsense specialises in providing fast, affordable and reliable card processing services to over 65,000 small and medium-sized businesses processing GBP 7 billion of transactions per annum. The Company’s proprietary technology platform allows it to deliver industry-leading service levels to its rapidly growing customer base.
Andrew Cleland-Bogle, Director at EQT Partners, Investment Advisor to the EQT Credit platform, added: “Paymentsense is led by an entrepreneurial and growth-oriented management team, whose stewardship has seen the business rapidly expand its market share. Notably, this impressive organic growth has been without the involvement of a financial sponsor. Together with CVC, EQT Credit looks forward to continuing to support Paymentsense’s long-term growth aspirations and the capturing of future business development opportunities”.
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About EQT Credit
The EQT Credit platform, which spans the full risk-reward spectrum investing with three strategies: senior debt, direct lending and credit opportunities, has invested approximately EUR 5 billion across approximately 160 companies since inception in 2008.
As Europe’s largest merchant service provider, Paymentsense enables over 65,000 SMEs to process over £7 bilion worth of card payments each year. From contactless card machines to integrated solutions and online payment services, Paymentsense supplies small businesses with card processing solutions that allow them to take payments in store, online, over the phone and on the move.