Transaction

Clearwater advises FluidOne on its long-term refinancing package from Pemberton

Transaction

FluidOne on its long-term refinancing package from Pemberton

Refinancing

Undisclosed

Role

Adviser to Livingbridge-backed FluidOne on its refinancing

Sector

Tech & Tech Services

Region

United Kingdom

We have advised Livingbridge-backed FluidOne, a market-leading provider of Connected Cloud Solutions, on its long-term refinancing package from Pemberton Asset Management (Pemberton) to fuel its ambitious plans to treble in size over the next five years.

Based upon recent research commissioned by FluidOne, the company operates in the UK business customer market that spends €43bn (£36bn) a year on IT, cyber, and communications, with a sweet spot for FluidOne services in the 100-2,500 employee space that is forecast to grow 8.8% a year over the next four years. FluidOne provides critical services in areas of high demand, particularly driven by digital transformation continuing the move of IT and voice applications to the cloud, where customers need trusted advice, high-quality technical support, modernised IT, cyber security, business intelligence, and advanced connectivity.

Since investment from Livingbridge in 2019, supporting an MBO led by CEO Russell Horton, the business has quadrupled in size with revenue growing to £109m on the back of eight acquisitions whilst delivering world-class customer service (NPS 89). The acquisition strategy has pivoted the business to be one of the UK’s leading IT and cyber security-led managed service providers with over 50% on its IT and cyber revenue mix and recurring revenues of over 70%. FluidOne combines IT and cyber, with connectivity, and communications to provide customers with Connected Cloud Solutions, enabling their staff to work from anywhere, simply, and securely.

Pemberton has provided facilities to support the refinancing and is providing a committed acquisition facility. This will provide funding for future strategic add-on acquisitions and support FluidOne’s plans to acquire multiple businesses a year, going forward.

cloud technology data storage backup

It gives me great pleasure to announce our new partnership with Pemberton. To support our ambitious plans, we ran a process to seek a refinance package that would give flexibility and facilities to support us over the long term. During this competitive process, Pemberton stood out as the ideal partner given how their expert team engaged to devise a tailored package to fit our requirements and due to their track record of supporting high growth, evolving businesses. We have our next acquisition in the process which will be the first deployment of our new facility and a pipeline of follow-on targets that fit our Connected Cloud Solutions strategy.

Russell Horton, CEO, FluidOne
cloud technology data storage backup

The new debt facility provides the scale and flexibility we were seeking to support the next phase of growth for FluidOne in an exciting growth market. The strategy since investment with Russell and the team has been to build critical capability in the highest value, next-generation product sets to make FluidOne the leading UK IT and cyber-managed service provider. We now believe we have the right value-added capabilities to deliver this across both customer segments and market verticals, making FluidOne a high-quality and differentiated business.

Simon Hollingsworth, Partner, Livingbridge

Delighted to have worked with Livingbridge and FluidOne on the successful completion of this refinancing process. We supported the team in finding the right partner in Pemberton, with a financing package that will help drive FluidOne’s ambitious plans for the future. We look forward to seeing the continued success of the business and wish the team all the best.

Richard Clark, Partner, Clearwater

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