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Manchester-based technical recruiter, NES Global Talent, has completed a USD 245 million refinancing deal to expand its global office network from 37 bases to more than 60 in the next four years, reports bdaily.co.uk.
The refinancing, syndicated through more than 15 US and UK credit organisations, will enable possible acquisition opportunities.
Taking place a year after the sale of NES Global Talent to AEA Investors for £234 million, the deal replaces a previous £105 million financing package with a club of three UK banks.
Stephen Buckley, group finance director at NES Global Talent, said: “This significant refinancing will help us boost our existing operations as well as expand into new territories around the world. We are focused on sustainable, organic growth, however, this deal also provides us with the flexibility to make acquisitions, if this becomes part of our business strategy in the future.
“As well as enabling us to fund future investment and pay down acquisition debt, the refinancing has also resulted in a dividend being paid out to our staff shareholders. This is great news for our employees and a fitting reward for the hard work they have put in to our business,” he added.
NES Global Talent recently opened a new office in Stavangar, Norway, meaning it now has 37 offices in 23 countries around the world. The business plans to open more than 25 new offices over the next four years.
Neil Tregarthen, CEO at NES Global Talent, said: “This US-led refinancing is great affirmation of our business strategy and gives us the type of financial firepower that is usually only the domain of large publicly quoted companies. It will further support our vision of being a £100 million annual profit business by 2020.
"With only two weeks of our 2013 financial year left, we expect Group profits to be over £33 million and in turn, provide a fabulous trajectory into 2014. With the support of our new partners, AEA Investors, we believe that we are now perfectly positioned to build our market share even further and provide support to our multinational client base, wherever they may operate in the world,“ he concluded.