Expansion and Growth

Pricoa provides financing for recapitalisation and growth capital

Fox International Group Ltd, headquartered in Hainault, UK, is the largest privately owned fishing tackle company in Europe.

In early 2014, Next Wave Partners agreed to invest in Fox with founder, Cliff Fox, retaining a substantial interest in the business. To accommodate this transaction, Next Wave sought £20 million of term debt to capitalise the new platform. Next Wave required a relationship-oriented financing partner, ideally with appetite to provide follow-on capital to support the growth of the business and provide for potential future acquisitions.

Pricoa Capital Group was chosen as the sole financing partner for Fox because of its client-driven approach, flexible capital appetite and ability to provide the desired quantum from a single source, which offered high certainty of execution. Pricoa was further differentiated by its ability to provide a tailored and flexible capital structure, including options for multi-currency and a revolving credit facility for working capital purposes; and a long track record of supporting the growth of UK and European corporates.

Pricoa ultimately structured and closed a £20 million multi-currency financing for Fox in addition to the provision of a US$2 million revolving credit facility. While funding was delivered in Sterling, a portion of the debt was denominated in Euros to better match the borrower’s earnings profile. Pricoa’s flexible, client-focused approach was key to the transaction closing successfully and to deadline with a structure well-suited to support Fox’s ongoing growth ambitions and product innovation.