CVC Credit Partners and the EQT Credit platform announced today that their European Private Debt businesses have jointly arranged £218 million of senior and subordinated financing for Paymentsense. This is the second round of financing agreed by CVC Credit Partners and EQT Credit to Paymentsense, following the £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 £7bn 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' European direct lending business, said: "Companies across the UK are increasingly looking for innovative sources of financing and we are delighted to have been able to support Paymentsense's growth ambitions for the second time. The company has huge growth potential, with a differentiated business model and stellar management team and we are very proud to continue our partnership alongside EQT Credit."
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."