ThinCats supports two NVM private equity-backed businesses with GBP5.9m in debt funding

Investment

ThinCats, an alternative lender to mid-sized SMEs has provided a total of GBP5.9 million in funding facilities for two businesses backed by NVM Private Equity.

Some GBP4.3 million of the funding is in support of Secure Retail (Secure), a market leading provider of high security payment software and hardware, whilst GBP1.6 million is for Mobius Networks Limited (MNL), a leading mobile virtual network operator.

The funding is to refinance NVM and management loan notes issued when NVM supported MBOs for both businesses in September 2019.

Kenny Hughes and Kevin Steven led the ThinCats team for both transactions while Andy Leach led the team at NVM Private Equity.

Andy Leach, Investment Partner of NVM Private Equity, says: “We started working with ThinCats last year and have been delighted with the debt solutions that they created for each of the businesses. As an alternative lender, they bring a fresh perspective to funding PE backed transactions. Kenny, Kevin and the rest of the ThinCats team understand what we are looking for from a funding partner and I look forward to working together on future deals.”

Kenny Hughes, Director, Private Equity Business Development, ThinCats, says: “We are keen to support ambitious mid-sized businesses like Secure and MNL, particularly when our funding sits alongside private equity investment. 

"Following increasing demand from lower mid-market PE houses, we have created a specialist team of origination and credit experts dedicated to supporting PE backed businesses, so we were delighted to help Andy and the NVM team with these transactions. We wish them and the businesses that we have supported, every success for the future.”