Better Collective secures new DKK300m credit facility
Published 21st June 2019
The total credit facilities Better Collective has in place with Nordea now stands at DKK600m, with the company planning to use the extra funds to support its acquisition strategy.
Since its initial public offering (IPO) last year, Better Collective has invested over €100m in acquisitions that have been financed by a combination of proceeds from the IPO, cash flow from operations and committed bank credit lines with Nordea.
By the end of the first quarter of this year, Better Collective had cash and unused credit facilities of €54m, and has since acquired of The Rotogrinders Network in the US with a cash payment of €16m.
Flemming Pedersen, chief financial officer of Better Collective, said: “Since the IPO, we have executed on the M&A-strategy which was the essential part of the intended use of the IPO-proceeds.
“The acquisitions and the organic growth combined have increased the operational earnings to a whole new level, that allows for further debt leverage.
“We continue to see many interesting acquisition opportunities, and we consider bank financing to be the most attractive way of funding these activities.
“We want to continue the growth of Better Collective, and the strong support from our main bank, Nordea, is an important factor in this journey.”
Image: Tony Webster