Tosca Debt Capital, the private debt arm of Toscafund Asset Management, has provided a £10 million (€12 million, $12 million) senior loan facility to fintech firm Quint Group. The facility will be used in the re-financing of Quint, allowing its chief executive to increase his stake in the company.
Further terms of the deal could not be determined by time of publication. Quint Group was advised on the transaction by Cavendish Corporate Finance.
Alistair Hay, debt advisory partner at Cavendish, told PDI the debt will be utilised to effectively buy-out an existing shareholder. The firm is looking to attract a significant investor in the next 12 to 18 months, he added, once its profits approach the £10 million mark. Simplifying the shareholder base at this stage may be attractive to such an investor, he added.
According to Hay, Quint decided to work with Tosca due to the firm’s ability to offer flexibility. The Manchester-based debt fund also fit in with Quint also being a Northern England-based business.
In a statement, Richard Williams, partner at Tosca, noted the financing is designed to help Quint’s growth and maximise shareholder value. Williams was unable to comment further on the deal by time of publication.
Quint Group focuses on providing technology to the consumer credit sector. Based in the UK, the firm also has business activities in the US, Australia, Poland, China and South Africa.