NELSON-based Daisy Group Plc – a leading provider of unified business communications services – has received a £25m. finance deal from the Royal Bank of Scotland to support the firm’s purchase of Worldwide Group Holdings Ltd, a conference call aggregator.
As part of the transaction, RBS Corporate & Institutional Banking has entered into Daisy’s existing banking club alongside Lloyds, HSBC, Barclays and Yorkshire Bank, spiralling the total banking facilities available to the firm to £140m..
Daisy Group offers a range of products and services across access, hosting, voice, managed service and mobile telephony.
The latest acquisition sees Daisy add a market-leading audio-conferencing and call-handling technology business to its portfolio that services a business customer base, including some of the world’s largest audio-conferencing companies. The firm employs more than 1,000 people.
The finance package from RBS was arranged between the RBS CIB and RBS Structured Finance teams based in Manchester, assisted by specialists from the technology, media and telecoms sector team.
Steve Smith, Daisy’s chief financial officer, said: “We are delighted RBS has joined our banking club as part of this transaction. They showed a positive desire to support us throughout the transaction process.
“They also took the necessary time to fully understand the business and markets in which we operate, which led them to making an approved offer within a tight timeframe. We value their support in this transaction and look forward to building a long-standing relationship with RBS going forward.”
Steve Lewis, North-West regional director for RBS Corporate & Institutional Banking, said: “We are very pleased to have been able to provide support to Daisy to enable it to complete this important acquisition.
“Despite a challenging business environment, the management team has delivered excellent results. Based on their in-depth knowledge of the sector and Daisy’s strong market reputation, the business is well-placed to capitalise on market opportunities and deliver its growth plans.
“We look forward to building on our strong working relationship as these develop.”