Transaction

Refinancing of FPE Capital-backed Vanda Research to support its merger with Exante Data

Transaction

Refinancing of FPE Capital-backed Vanda Research to support its merger with Exante Data

Refinancing

Undisclosed

Role

Adviser to FPE Capital-backed Vanda Research on its refinancing

Sector

Business Services
Tech & Tech Services

Region

UK

We have advised FPE Capital-backed Vanda Research, an independent data and research firm, on its refinancing to support its merger with Exante Data, a leading provider of macro strategy and capital flow analytics.

Founded in 2012, Vanda delivers high-frequency positioning data and tactical macro insights to a global institutional client base. Exante Data is widely recognised for its macro strategy research and capital flow analysis, serving more than 100 sophisticated institutional investors.

The combined business provides differentiated data-driven insights across asset classes to leading investment banks, hedge funds, central banks, sovereign wealth funds and global asset managers. Exante Data founder Jens Nordvig will join the combined company as President and a member of the Board.

More about the process

Our Debt Advisory team delivered a fast and focused refinancing process, engaging a targeted group of lenders to drive competitive tension. We showcased the company’s strong performance and strategic ambitions to secure a compelling outcome. The result was a flexible funding package aligned to its growth plans, including acquisitive expansion. The new facility provides the headroom needed to reinforce its position as a leading provider of proprietary positioning and flow data and tactical macro analysis.

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This refinancing marks an important milestone for Vanda. Clearwater ran a highly efficient and well executed process, clearly articulating our performance, growth trajectory and strategic ambition to the lender market. The outcome is a flexible funding solution that strengthens our balance sheet and gives us the capacity to accelerate growth, including through our US acquisition strategy. We appreciated Clearwater’s commercial insight and hands on delivery throughout.

Chris Sowerby, CFO, Vanda Research
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We’re thrilled to support Vanda in this next strategic step. Exante Data adds highly complementary proprietary datasets and macro capability, strengthening Vanda’s cross-asset platform today and accelerating the Vanda Analytics roadmap. Together, the group is well positioned to deliver deeper insight to institutional clients globally and sustain strong growth in a rapidly evolving market.

Chris Kay, Partner at FPE Capital

We’re delighted to have supported the team through this important refinancing and acquisition finance. The business continues to demonstrate a clear strategic vision and a highly differentiated proposition in a rapidly evolving market. This new facility not only provides the flexibility and firepower to accelerate growth but also enables the company to pursue targeted expansion, including its US bolt‑on acquisition. We look forward to seeing the team build on this momentum and further strengthen their global position.

Simon Chambers, Partner, Clearwater

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