with CapitalSource as Administrative Agent and Lead Arranger
Evolve IP, The Cloud Services Company™, today announced that it has secured an additional $14.7 million senior secured loan facility with CapitalSource, one of the leading commercial lenders for mid-sized businesses, as the administrative agent and lead arranger. Earlier this year, Evolve IP secured a $27.5 million loan with CapitalSource that included a $20 million term loan and a $7.5 million revolver. The additional facility brings the total loan facility to $42.2 million, comprised of a $37.2 million term loan and a $5.0 million revolver. Proceeds of the additional loan facility will be used for share repurchases, to provide capacity to fund future acquisitions and for general corporate purposes. DH Capital, LLC served as exclusive financial advisor to Evolve IP in connection with the transaction and Cozen O’Connor served as Evolve IP’s legal counsel.
Evolve IP is The Cloud Services Company, providing organizations with a unified option for cloud services with its Evolve IP OneCloud™ solution. Today, more than 50,000 users in the US and globally depend daily on Evolve IP for virtual desktops, virtual data centers /servers, unified communications, disaster recovery, contact centers, and more.
“Evolve IP is an exciting, rapidly-growing company that has positioned itself very well to take advantage of the surge in cloud computing,” commented Ryan Golding, Managing Director, Leveraged Finance at CapitalSource. “The unique Evolve IP OneCloud™ solution provides organizations with multiple cloud computing services, like virtual servers, DaaS, disaster recovery, unified communications, and call centers, on a single, unified platform. That ability, coupled with their award-winning architecture, is a great market differentiator.”
“Evolve IP is growing materially and partnering with a leading financial institution is a key step in our ongoing development,” said Thomas J. Gravina, Chairman, Chief Executive Officer, and Co-Founder. “CapitalSource has proven to be an excellent partner and we look forward to a long-term relationship with them.”
CapitalSource makes commercial loans to small and middle-market businesses nationwide. CapitalSource is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $15 billion in assets and 81 full-service branches located throughout the state of California. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.capitalsource.com.
ABOUT DH CAPITAL
DH Capital is a private investment banking partnership serving companies in the Internet infrastructure, communications, and SaaS sectors. Headquartered in New York City with offices in Boulder, Colorado, the firm’s principals have extensive experience and proven abilities in capital formation, finance, research, business development, and operations. DH Capital provides a full range of advisory services to companies and financial institutions, including mergers and acquisitions, private capital placements, financial restructuring, and operational consulting. DH Capital has completed more than 106 M&A transactions and private capital placements totaling more than $8.5 billion in value. For more information on DH Capital, visit their website at www.dhcapital.com.