Last checked at 25 Apr 2016 07:00
Satellite Solutions Worldwide Group plc
("SSW" or the "Company")
BGF provides £2 million funding for further acquisitions
Satellite Solutions Worldwide Group plc (AIM:SAT), the global communications company specialising in rural and last-mile satellite broadband, announces that it has agreed a £2million unsecured loan note ("Loan Note") with Business Growth Fund, ('BGF'). The Loan Note carries a fixed coupon of 10 per cent, and is repayable in full after 12 months.
The funds will strengthen the balance sheet and enable the Company to continue its organic and acquisitive growth strategy as it seeks to continue the consolidation of the satellite broadband industry across Europe.
SSW CEO Andrew Walwyn commented: "These funds will allow the completion of two smaller French acquisitions in the coming weeks, further consolidating our positon as the second largest provider in France. We continue to evaluate a number of significant acquisition opportunities and we expect BGF to remain supportive of our growth strategy.
"I am delighted an institution such as BGF has recognised the progress SSW has made. Being able to secure funding less than a year after coming to AIM is a testament to how far the Company has come in a short period of time and how robust the business model we are building has already become."
Enquiries:
Satellite Solutions Worldwide Group PLC | www.satellitesolutionsworldwide.com |
Andrew Walwyn, Chief Executive Officer | Via Walbrook PR |
Strand Hanson (Financial & Nominated Adviser) | Tel: +44 (0)20 7409 3494 |
Andrew Emmott / Ritchie Balmer
| |
Arden Partners plc (Broker) | Tel: +44 (0)20 7614 5900 |
Catherine Miles / James Felix / Ciaran Walsh
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Walbrook PR (PR advisers) | Tel: +44 (0)20 7933 8790 |
Paul Cornelius / Nick Rome | or ssw@walbrookpr.com |
About SSW
Established in 2008, SSW offers a broad range of satellite broadband services with customers across 31 countries. With solutions targeting B2C and B2B users, and with products developed specifically for the broadcasting/SNG, Police and Military markets, SSW's brand Europasat (www.europasat.com) is a leading independent provider of satellite broadband internet services across Europe.
Listing on the London Stock Exchange as Satellite Solutions Worldwide Group plc (AIM:SAT) on 12 May 2015, and with a track record of strong organic growth in its subscriber base and recurring revenues, the directors of SSW believe there is a major opportunity to consolidate the businesses organic growth with acquisitions throughout the fragmented European satellite broadband market.
Working closely with satellite owners and operators, SSW targets customers in the 'digital divide' with solutions that deliver up to 30 Mb satellite based broadband services to almost any premises, whether residential, commercial or industrial across Europe, irrespective of location or local infrastructure.
About BGF
BGF (Business Growth Fund) is the UK's most active provider of growth capital to small and mid-sized businesses. The companies it backs are privately-owned or listed on AIM, and typically have revenues of between £5m and £100m. BGF makes initial investments of between £2m-£10m and can provide additional funding to support further growth. The investment provided is typically in the form of equity in return for a minority equity stake.
BGF is an independent company with capital of up to £2.5 billion and is backed by five of the UK's main banking groups - Barclays, HSBC, Lloyds, RBS and Standard Chartered.
www.bgf.co.uk
Twitter: @bgf_team