£170 million deal to help tech firm ‘forge ahead’

A Sheffield-headquartered technology specialist has secured £170 million of financing to accelerate its expansion across the UK and Europe.

ASK4, which provides managed internet and smart building technology for multi-tenant properties, has completed a refinancing backed by a syndicate of lenders.

The deal replaces existing debt facilities on improved terms while introducing a new capital expenditure facility to provide fresh funding for growth.

Bosses say the refinancing will reduce interest costs and strengthen free cash flow, while providing additional capital to enhance digital infrastructure and improve services for residents and building operators.

They add the company, which has offices in Madrid, Berlin and Milan, is looking to build on growing demand for professionally managed connectivity and smart building services across its UK and European markets.

Andrew Dutton, chief executive of ASK4, said: “This refinancing is a significant step for ASK4. 

“Securing infrastructure-grade financing of this scale, and on these terms, is a strong endorsement of our strategy and the quality of what we’ve built. 

“The strong demand from lenders, resulting in an oversubscribed facility, is a clear signal of real confidence in our business and our plans. 

“It gives us a stronger balance sheet, a lower cost of capital, and through the new capex facility the investment capacity to keep forging ahead, investing in our services, and delivering the connected experiences our customers depend on. 

“I’d like to thank our lenders, both new and existing, and our advisers for their support in reaching this milestone.”

Evercore acted as financial adviser to ASK4, with Clifford Chance providing legal counsel.

PwC carried out financial and commercial due diligence, while Latham & Watkins acted as legal counsel to the lending syndicate.

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.