Causeway – a leading UK dedicated provider of software services to the construction industry – has announced the successful completion of a refinancing of the group.
Causeway was founded in 1999 and has grown revenues to over £21m in the year ending 31 December 2016. The company has 200 employees supporting nearly 2,000 customers in the UK.
The £40.5m refinancing was led by Guggenheim Investments, which has provided £38m of new term facilities. The facilities also incorporate substantial headroom to support both organic and potential acquisition-led growth, with built-in capacity to raise £50m of incremental facilities.
Commenting on the refinancing Phil Brown, Founder and Executive Chairman of Causeway, said: “We are delighted to be entering this new partnership with Guggenheim, which has significant experience of financing growth in software businesses globally”.
Joe McCurdy, Global Head of Origination at Guggenheim Investments, added: “We are looking to support growing businesses with an established track record and the ability to further expand through investment in R&D or future acquisitions. We believe Causeway is an excellent fit with that strategy”.
Colin Smith, who joined Causeway as CEO in 2017, said: “The refinancing provides us with a platform to take Causeway to the next level, through further investment in our existing business and selective potential acquisitions. It is very exciting to have joined the company at this stage of its development.”