North West fintech business Quint Group has secured a £10m financing deal with Manchester-based Tosca Debt Capital.
Quint, which operates in the consumer finance market, said the eight-figure boost will be used to fund its recapitalisation.
Established in 2009 and headquartered in Macclesfield, today the firm has operations in the US, China, Australia, South Africa and Poland.
Quint is the company behind consumer price comparison site MoneyGuru.com and also owns a portfolio of fintech businesses in the consumer credit sector, including business-to-business lending platform Monevo, data business Monevo Data Services and financial management services firm Credit Angel.
After securing the debt facility from Tosca Debt Capital, Quint CEO and founder Greg Cox has increased his stake in the group to 90%.
Greg Cox said: "It’s a very exciting time for Quint and I’m very pleased that Tosca have supported us in this important stage of our growth.
"2017 represents a huge opportunity for us to consolidate and grow our international presence and new businesses while continuing to innovate in our chosen markets.”
He added: "This will be our focus for the coming year.”
Quint Group was supported by professional services firms PwC and EY with commercial and financial due diligence. Cavendish Corporate Finance advised on the deal.
Tosca Debt Capital partner Richard Williams commented: "We’re delighted to have been able to support the Quint team in completing this transaction.
"The deal will enable Quint to achieve its full potential in terms of growth and importantly ensure shareholder value is maximised over the next few years.”
He continued: "This is another example of Tosca Debt Capital funding a high-quality business in the North of England and supports our ethos of being relationship-focussed and regionally committed.”
For the 2017/18 year, Quint has forecast profits of around £10m and expects to appoint an investing partner, who will provide funding for both organic and acquisitive growth.
Cavendish Corporate Finance debt advisory partner Alistair Hay said: "Cavendish was delighted to act for Quint Group in what is a very exciting time for the business.
"The introduction of institutional capital is a testament to the strength of the Group and its underlying (and complementary) revenue verticals. We look forward to continuing to support Quint as it looks to build on its UK success in other territories with encouraging results in Eastern Europe and the US to date."
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