Distributor Westcon Group has increased in its banking facilities in Europe by €45 Million. The three-year committed invoice financing facility will be used to increase the distributor’s European liquidity as Westcon continues to execute its organic and acquisition-oriented growth strategies.
Last April Westcon announced the acquisition of NOXS, a pan-European value-added distributor of security products and solutions. Working capital was initially funded by an uncommitted overdraft facility but this has now been replaced by a new €45 million invoice financing facility committed for three years, which will be utilized for working capital and expansion. The new financing was led by HSBC Bank plc, who has partnered with Westcon Group on several U.S. and European-based strategic financing agreements.
Jon Toohey, Chief Financial Officer of Westcon Group Europe, commented: “This demonstrates that our lenders continue to recognize Westcon Group’s financial strength and our continued growth in Europe. This new facility will help support our working capital growth in the important market of network security products and solutions.”
John Beaney, Head of HSBC International Invoice Financing, added: “We are pleased to partner with Westcon Group in both Europe and North America. HSBC continues to be positioned to support the success of Westcon’s multi-national expansion initiatives.”