ECIT has agreed on a new credit facility at a total amount of NOK 800 million together with Nordea Bank, consisting of a revolving credit facility of NOK 750 million as well as a leasing facility of NOK 50 million. The new revolving credit facility agreement covers a period of three years with an extension option of one year.
The new facility will replace the existing NOK 525 million credit facility, which consisted of a revolving credit facility of NOK 375 million, an overdraft facility of NOK 100 million and a leasing facility of NOK 50 million.
The new credit facility provides a stable, long-term financing platform that adequately supports the acquisition growth ambitions of ECIT.
The facility has been raised on attractive terms that reflect the improved credit profile of ECIT. The total credit facility is subject to standard clauses, and the revolving credit facility is subject to covenants including the gearing ratio of the Group.
ECIT was founded in 2013 and supports a large customer base with Accounting, Payroll and a broad range of IT services and solutions. ECIT has a well-proven model for acquisition and integration, ensuring proximity to customers and local entrepreneurship combined with the strength of being a larger international group. ECIT has a proforma revenue (2021) of 2.55 billion NOK and +2,200 employees across 10 countries. M&A has been a driver of the Company's growth and ECIT has completed more than 125 acquisitions since 2013.
Read more at: www.ecit.com