Corsair's NoteMachine secures £76.5m refinancing

The fresh capital will be used to refinance existing debt obligations with additional funding available for financing add-on acquisitions.

It is understood that NoteMachine's leverage levels now stand at between 3-4x EBITDA.

The loan came via GE Capital and Ares Management's European Senior Secured Loan Programme (ESSLP), a €1.75bn joint venture supplying unitranche facilities to mid-market companies.

Previous funding
Corsair Capital acquired NoteMachine in a secondary buyout from Rutland Partners in August 2012.

This latest transaction marks NoteMachine's second refinancing since being private equity-backed. When still owned by Rutland, the company completed a £63m refinancing, with a senior debt package provided by GE Capital, Barclays and European Capital.

Company
Established in 2006, NoteMachine owns and operates around 7,200 automated teller machines (ATM) in the UK and a further 500 in Germany. The ATMs are predominantly located in supermarkets, high street retailers and convenience stores.

The company was founded in 2006 by Peter McNamara.

People
Michael Kingston is finance director at NoteMachine. Dan Matthews is executive director at GE Capital and Jon Ferguson is director at Ares Management.

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• Topics
• Restructuring
• UK / Ireland
• Financials
• Rutland Partners
• GE Capital
• United Kingdom