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Case Study

ZircoDATA refinances bank debt, pays special distribution, and secures additional funding capacity

Based in Melbourne, Victoria, ZircoDATA provides off-site secured document storage and related document management services across Australia.

Case Study

ZircoDATA refinances bank debt, pays special distribution, and secures additional funding capacity

Based in Melbourne, Victoria, ZircoDATA provides off-site secured document storage and related document management services across Australia.

At a Glance

Refinancing

ZircoData was considering options to refinance existing bank debt, support a dividend recap, and secure additional funding capacity to support its tuck-in acquisition strategy. The Company chose to partner with us as the sole lender on a direct basis because of the relationship we developed, responsiveness, and our knowledge of the sector.

Relationship since 2021
Transaction details:
  • A$75,000,000 Senior Term Loan
  • A$15,000,000 Revolving Credit Facility
  • A$10,000,000 Delayed Draw Senior Term Loan Facility
  • Sponsored by Housatonic Partners
“We, together with Housatonic Partners, are very pleased to announce the AUD$100m debt refinancing with Pricoa. This partnership with Pricoa is critical in helping ZircoDATA meet its strategic goals, including a strong platform for continued growth.”
Paul Cullinan Chief Financial Officer, ZircoDATA

The Full Story

Facilitating a Leveraged Buyout

Based in Melbourne, Victoria, ZircoDATA provides off-site secured document storage and related document management services across Australia. ZircoDATA and its predecessor companies have been operating in Australia for 25 years with a platform that now spans 19 facilities that serves over 3,000 customers nationwide.

We were first introduced to ZircoDATA in early 2020 as the Company was considering options to refinance existing bank debt, support a dividend recap, and secure additional funding capacity to support its tuck-in acquisition strategy. However, in late April 2020, ZircoDATA put the capital raise process on hold due to the uncertain economic environment arising from the COVID-19 pandemic. Nevertheless, we maintained an active calling relationship with the Company as well as the sponsor, Housatonic Partners, to reinforce our appetite and interest in supporting the business when the time was right coupled with our ability to move quickly to do so.  

The Company re-evaluated the capital raising in early 2021 and chose to partner with us as the sole lender on a direct basis because of the relationship we had developed, responsiveness, and knowledge of the sector. Additionally, we were able to underwrite and hold the entire investment, provide multiple financing structures, as well as offer a flexible terms package that was tailored to support the Company’s growth objectives.

In May 2021, we closed on a A$75.0 million senior secured term loan, committed A$15.0 million to a revolving credit facility and committed A$10.0 million to a delayed draw term loan facility.

We are pleased to be partnering with ZircoDATA and its management team, as well as Housatonic Partners, and look forward to supporting the business as it continues to grow and consolidate the market.

Boxes stacked in a warehouse

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Meet our team

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Michael Jones, CFA
Senior Vice President
+61.2.8248.9708
Email
New South Wales, Victoria & New Zealand

Perspectives

More than meets the eye: A closer look at the most commonly used type of capital.
The Pricoa Private Capital Guide to Senior Debt.
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