Firstcom Europe finalizes €29m for further acquisitions and refinancing

Today, Firstcom Europe, a leading pan-European cloud telecommunications provider, with headquarters in Bolton, UK, announced that it had reached an agreement with Kartesia for a new senior loan facility of ?29m to support its ongoing buy and build strategy and to refinance its existing debt arrangements.

Over the past 6 years Firstcom has made eight acquisitions and achieved an annual turnover of over €35m. It currently operates in the UK, Germany, Sweden, Denmark and Poland, and will be seeking to make further acquisitions within this footprint.

Firstcom CEO Christian Bleakley said “I am delighted that Kartesia has provided its support for Firstcom to continue with the acquisition strategy that has proven to be successful for us. We look forward to our collaboration with them in the future”.

Nick Holman, Director at Kartesia said “Firstcom Europe is an established and high-quality provider of unified communication solutions with an exceptional management team. With its proprietary product portfolio across on-premises and cloud-based solutions, the company is in a unique position to support its clients in the ongoing transitioning to digital telephony. We look forward to supporting the Group in its further development.”

Firstcom has developed a Unified Communications (UCaaS) system that encompasses advanced voice services, online chat, video conferencing, screen sharing and SIP channel internet access for SMEs. There has been a rapid take up of these services during the pandemic. According to Bleakley “Firstcom will continue to develop innovative cloud-based products that will be embedded into business practices, even after Covid-19 has passed”.

As part of the transaction, debt previously provided by Beechbrook Capital will be refinanced but they will retain a shareholding in the group. Tim Johnston from Beechbrook said “we remain very excited about the prospects for Firstcom and look forward to continuing our partnership”.