Park Square JV refinances CVC-backed software firm

The refinancing marks the third investment from a €3bn joint venture with Japanese bank SMBC.

Park Square and SMBC’s joint venture has backed the £115 million refinancing of CVC-owned software company Wireless Logic, according to Reuters.

The deal is a syndicated direct loan underwritten by SMBC as sole bookrunner and anchor investor, Park Square Capital and SMBC JV Loan Fund.

This is the third deal from the joint venture which was launched by Park Square and SMBC in April 2017. The fund is targeting €3 billion and is dedicated to providing unitranche loans to European mid-market companies.

Ares, CVC Credit and HSBC all joined the deal as arrangers.

CVC bought Wireless Logic in February 2015, the first acquisition by CVC’s growth fund, according to PDI’s sister title, Private Equity International.

Wireless Logic was founded in 1999 and works with 950 application providers, system integrators and enterprises, delivering managed services including management and monitoring software platforms, a cloud-based private network infrastructure, and specialist cellular and satellite connectivity.