Solihull-based Phoebus Software completes fundraise after MBO
Solihull’s Phoebus Software which is backed by NorthEdge Capital has raised new debt facilities, months after completing a management buyout (MBO) in June 2019.
The company has secured senior debt and working capital facilities from the Midlands office of Clydesdale and Yorkshire Bank’s Corporate and Structured Finance team, led by Sunil Prabhaker and Ian Howey.
Phoebus Software has a strong client portfolio of multinational financial services firms across the building society, banking and loan servicing sectors. Clients include Atom Bank, One Savings Bank and Pure Retirement. The business was founded in 1989 as a subsidiary of Heritable Bank before becoming fully independent in 1997, and employs 130 staff.
George Potts, investment director at NorthEdge, said: “We are delighted to have secured support from a trusted, local partner in Clydesdale and Yorkshire Bank’s Midlands team. Together, we look forward to continuing to support investment in PSL’s technology, people and customer relationships.”
Paul Ambrose and Jack Browne at Cooper Parry Corporate Finance advised on the debt raise. Gateley provided legal advice to Clydesdale and Yorkshire Bank and Mills & Reeve supported NorthEdge.