Claranet sings to new tune with refinancing deal

Goldman Sachs joins current list of financial backers

Managed services provider (MSP) Claranet has announced a refinancing agreement that will see Goldman Sachs' Private Capital Team join its current list of financial backers.

The refinancing deal unveiled today sees Goldman Sachs join RBS, ABRY Partners and Ares Management LP's European Direct Lending Team who are currently Claranet's "existing and well-established finance providers".

The firm, which was founded in 1996, is headquartered in London and has offices across Europe in France, Germany, Spain, Portugal and the Netherlands.

Speaking about the agreement, Charles Nasser, Claranet group founder, said the deal would boost its growth plans.

"Our new arrangements reflect the strength of Claranet and the confidence of our funders as we continue to expand both organically and through acquisition across Europe," he said. "Our financing now extends to 2020 and achieves greater flexibility for us as we plan for further growth and the development of our products and services.

"RBS, Ares and ABRY, our existing funding partners, have shown long-term commitment to Claranet and our strategy. Additionally, we are thrilled to partner with Goldman Sachs to support our evolution."

Mohith Sondhi, director of structured finance corporates at RBS, said: "We believe the market remains fragmented in continental Europe and hope with the support of committed facilities in what we regard as an innovative structure, that Claranet will carry on their impressive growth and the successful delivery of their strategy."

For its last fiscal year ending June 2014, Claranet's revenues jumped 24 per cent year on year across Europe to hit £127.4m.

Claranet has completed a number of acquisitions since 2012, including UK-based managed service provider Star and French hosting company Typhon.