CapitalSource Agents $42.2MM IPTM Facility
The $42.2 million loan facility includes a $37.2 million term loan and a $5 million revolver. Proceeds of the new loan will be used for share repurchases, to provide Evolve IP the ability to fund future acquisitions and for general corporate working capital purposes.
Earlier this year, CapitalSource provided Evolve IP a $27.5 million loan that included a $20 million term loan and a $7.5 million revolver. DH Capital served as exclusive financial advisor to Evolve IP in connection with both transactions.
“We are pleased to have been selected again by Evolve IP to serve as their finance partner,” commented Ryan Golding, managing director, leveraged finance at CapitalSource. “Evolve IP benefits from its solid industry leading technology product offering that is well-complemented by its strong management team of experienced executives that have worked together for a long time. The firm is well positioned for growth and this new loan will help them achieve their growth goals while continuing to invest in the core company at the same time.”
“CapitalSource fully understands our industry, the products we provide, and has a solid reputation for reliability and dependability,” said Thomas J. Gravina, chairman, CEO and co-founder of Evolve IP. “We knew we could count on a smooth and efficient process in getting this second loan in place, and the CapitalSource team delivered once again. We look forward to working with them again to fund additional growth plans.”
Evolve IP is a cloud services company.