CapitalSource, a division of Pacific Western Bank, provided an additional loan facility to Evolve IP. Serving again as administrative agent and lead arranger, CapitalSource upsized the existing Evolve IP facility by $14.7 million to $42.2 million.
Proceeds of the new loan will be used for share repurchases, to provide Evolve IP the ability to fund future acquisitions and for general corporate working capital purposes. The $42.2 million loan facility includes a $37.2 million term loan and a $5.0 million revolver.
Earlier this year, CapitalSource provided Evolve IP a $27.5 million loan that included a $20 million term loan and a $7.5 million revolver. DH Capital, LLC served as exclusive financial advisor to Evolve IP in connection with both transactions.
One of the nation’s fastest growing cloud services companies, Evolve IP provides organizations with a unified option for cloud services with its Evolve IP OneCloudTM solution. Today, more than 50,000 users in the U.S. and globally depend daily on Evolve IP for virtual data centers/servers, virtual desktops, unified communications, disaster recovery, contact centers, and more.
“We are pleased to have been selected again by Evolve IP to serve as their finance partner,” commented Ryan Golding, Managing Director, Leveraged Finance at CapitalSource. “Evolve IP benefits from its solid industry leading technology product offering that is well complemented by its strong management team of experienced executives that have worked together for a long time. The firm is well positioned for growth and this new loan will help them achieve their growth goals while continuing to invest in the core company at the same time.”
“CapitalSource fully understands our industry, the products we provide, and has a solid reputation for reliability and dependability,” said Thomas J. Gravina, Chairman, Chief Executive Officer and Co-Founder of Evolve IP. “We knew we could count on a smooth and efficient process in getting this second loan in place, and the CapitalSource team delivered once again. We look forward to working with them again to fund additional growth plans.”
CapitalSource makes commercial loans to small and middle-market businesses nationwide. CapitalSource is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $15 billion in assets and 81 full-service branches located throughout the state of California. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp.
Evolve IP is The Cloud Services Company. Designed from the beginning to provide organizations with a unified option for cloud services, Evolve IP enables decision-makers to migrate all or select IT technologies to its award-winning cloud platform. Evolve IP's combination of security, stability, scalability, and lower total cost of ownership is fundamentally superior to outdated legacy systems and other cloud offerings.