Praesidian Capital, the New York- and London-based lender, has inked two event-driven financing deals with borrowers in the US and Scotland.
The first, which closed in last week, was a first lien debt investment backing the acquisition of Aberdeen -based Helideck Certification Agency Limited (HCA) by a group of private investors. The other, which closed this week, is a $5 million first lien debt deal backing New York-based cloud services company Fusion’s acquisition of PingTone Communications, another cloud computing company. The size of the European deal was not disclosed.
HCA is a provider of inspection and certification services for offshore fixed and mobile helicopter landing areas known as helidecks. The company was founded in 1997 by the UK helicopter industry in response to increasing oversight by the UK regulator. With offices in the UK and Norway, HCA operates primarily in the North Sea and, to a lesser degree, in Africa, Asia and the Middle East. HCA is responsible for the inspection and certification of over 700 helidecks on offshore vessels and installations operating in UK and Norwegian waters
Praesidian’s financing for Fusion represents its third deal with the company and increases Praesidian’s overall exposure to $23.5 million. Fusion is a New York-based provider of integrated cloud solutions, including cloud communications, cloud connectivity, cloud computing and other advanced applications managed in the cloud to businesses of all sizes. Praesidian has financed two previous acquisitions by Fusion, in 2012 when it bought Network Billing Systems and April this year when it purchased the cloud communications assets of Broadvox.
PingTone Communications, Fusion’s latest acquisition, provides cloud-based communications services to mid-sized companies in energy, healthcare, finance, emergency response and national defense sectors with a focus on serving the greater Washington, D.C. area.
Praesidian Capital is a private investment firm focused on providing senior and subordinated debt, along with growth capital to private lower mid-market businesses in the US, UK, Germany and selectively in Northern Europe. The firm invests in established, small and mid-sized companies often in connection with management buyouts, recapitalizations and refinancings. Based