Stockholm-listed affiliate marketing company, Better Collective has announced the establishment of a new credit facility of DKK300m (£35.8m/€40.2m/$45.4m) with Nordea Bank.
In total, the credit facilities which have been put in place by Better Collective with Nordea now stands at DKK600m, with the company planning to use the extra funds to support its acquisition strategy.
Since its initial public offering (IPO) last year, Better Collective have invested over €100m in acquisitions, which have been financed by a combination of proceeds from the IPO, cash flow from operations and committed bank credit lines with Nordea.
The end of the first quarter this year saw Better Collective have cash and unused credit facilities of €54m, and have since acquired of The Rotogrinders Network in the US with a cash payment of €16m.
Flemming Pedersen, Chief Financial Officer of Better Collective, said: “Since the IPO, we have executed on the M&A-strategy which was the essential part of the intended use of the IPO-proceeds.
“We continue to see many interesting acquisition opportunities, and we consider bank financing to be the most attractive way of funding these activities.
“We want to continue the growth of Better Collective, and the strong support from our main bank, Nordea, is an important factor in this journey.”
