Auction Technology Group plc has secured a new £159m revolving credit facility with a syndicate of five leading banks after its private equity investor sold its stake.
TA Associates – which had acquired the firm from ECI Partners in 2020 – sold its 12.6% stake in London-based ATG for £84.4m in December 2024. This equated to a 30% reduction in its share price at IPO in 2021.
Now ATG, operator of marketplaces for curated online auctions, revealed the details of a new credit facility.
The facility has a four-year term, with a one-year extension option, and replaces the previous facilities which were due to mature in 2026.
The refinancing enhances the group’s financial flexibility and extends the maturity of its debt, it said.
“We are pleased to have successfully completed this refinancing, which strengthens our capital structure and provides a more efficient funding arrangement for the company,” said John-Paul Savant, CEO.
“The transaction demonstrates the confidence of our lenders in our business and ongoing strategic initiatives.”
In the New Year, Sarah Highfield was appointed as CFO following the decision of Tom Hargreaves to step down in order to take up a position with a private equity-backed company.
ATG reported £135.2m revenues in its last set of annual results – covering the year ended September 2023 – which was 13% up on the prior year. Operating profit climbed 34% to £22.5m.