CVC Credit Partners and the EQT Mid-Market Credit Fund announced today that their European Private Debt businesses have jointly provided a £110 million unitranche facility to Paymentsense.
As Europe's largest merchant services provider, Paymentsense specialises in providing fast, affordable and reliable card processing services to over 50,000 small and medium-sized businesses processing £5bn of transactions per annum. The Company's proprietary technology platform allows it to deliver industry-leading service levels to its rapidly growing customer base.
Chris Fowler, Managing Director in CVC Credit Partners' direct lending business, said: "UK businesses are constantly looking for alternative ways to financially support their growth plans, and now so more than ever. Paymentsense is a very exciting company, with a differentiated business model, an entrepreneurial management team and huge growth potential. We are very proud to support the business as Paymentsense looks to continue its impressive track record of growth and expansion."
Andrew Cleland-Bogle, Director in EQT's Credit Team, Investment Advisor to the EQT Mid-Market Credit Fund, added: "We are delighted to partner with such an outstanding management team whose business is underpinned by technology and continuous innovation. Paymentsense is a best-in-class operator and exemplifies how non-sponsor backed companies can also avail of private debt capital to support their growth aspirations with tailored and flexible financing packages."