Barings has provided a credit facility to back ECI Partners‘ acquisition of Moneypenny, a virtual receptionist. No financial terms were disclosed.
LONDON, U.K. (December 5, 2018) – Barings, one of the world’s leading asset management firms, announced today that it served as a sole lender providing a senior secured credit facility to support ECI Partners in their acquisition of Moneypenny, the world’s leading provider of outsourced communication services. This is the 7th transaction this quarter and 25th transaction of the year for the Barings European Private Finance team. Financial terms were not disclosed.
Founded in 2000 with offices in the U.K. and U.S.A, Moneypenny delivers outsourced telephone answering, web chat, switchboard, virtual assistant, and other technology-enabled services to a variety of SMEs and corporate customers, and has over 13,000 clients and 700 employees around the world.
“As businesses continue to look for ways to maximize efficiencies and improve how they interact with their customers, Moneypenny stands out by offering a high level service supported by award-winning technology solutions,” said Matt Carty, Director at Barings. “We are delighted that ECI Partners has chosen Barings as their financing partner and are looking forward to supporting them as they continue to grow Moneypenny internationally.”
“On behalf of ECI Partners, I appreciate Barings support in the financing of Moneypenny,” said Stephen Roberts, Investment Director at ECI Partners. “As we look to expand Moneypenny across its core U.K. and U.S. markets, we are pleased to partner with Barings whose multicurrencry capabilities and flexbile financing solutions are well tailored to Moneypenny’s ambitions to expand globally.”
Barings Global Private Finance, part of Barings LLC, is a 70+ investment team located in seven offices on four continents. GPF has a 40-year track record of successfully financing middle-market buyouts, acquisitions, and recapitalizations. With product capabilities that range from traditional senior debt to bespoke junior capital securities, and hold sizes of $200 million+, Barings is focused on providing capital solutions that help our private equity clients complete their deal on time and as expected. Our long-term commitment to the asset class, local origination in each region, consistent team, and broad range of investment capabilities, are designed to provide investors an absolute spread premium to broadly syndicated loans as well as an attractive risk-adjusted return potential.
Barings is a $310+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. Part of MassMutual, Barings maintains a strong global presence with over 1,900 professionals and offices in 16 countries. Learn more at www.barings.com.
*As of September 30, 2018
About ECI Partners
ECI Partners invests in management buyouts and buyins for majority or minority equity investments in medium sized UK growth companies. For more than 40 years ECI Partners has been investing across a range of sectors, gaining a wealth of experience in supporting high growth businesses. The firm typically invests £25m to £100m of equity in deals valued up to £200m. ECI Partners believes in teamwork and collaboration, supporting ambitious management teams combining their knowledge and vision with our experience. For more information, visit www.ecipartners.com.