SBC News Voice of the Sports Betting Industry
Stockholm-listed industry affiliate Better Collective AB has moved to expand its corporate financing capacity, after securing access to a further DKK 300 million (€40 million) credit facility backed by Danish bank Nordea AS.
Updating the market, Better Collective expands its existing Nordea credit facilities to DKK 600 million, with the affiliate publisher detailing that the capital will be used to support its ongoing M&A opportunities.
Since executing its Stockholm IPO last year, Better Collective has invested over €100 million in M&A directives, which have been financed by a combination of proceeds from its IPO, combined with cash flow from operations and arranged bank credit lines with Nordea.
Closing Q1 2019 trading, Better Collective confirmed its biggest M&A transaction to date acquiring US sports digital publisher The RotoGrinders Network for $21 million, significantly accelerating the firm’s US market options.
Flemming Pedersen, Chief Financial Officer of Better Collective, said: “Since the IPO, we have executed on the M&A-strategy which was the essential part of the intended use of the IPO-proceeds.
“The acquisitions and the organic growth combined have increased the operational earnings to a whole new level, that allows for further debt leverage.
“We continue to see many interesting acquisition opportunities, and we consider bank financing to be the most attractive way of funding these activities.
“We want to continue the growth of Better Collective, and the strong support from our main bank, Nordea, is an important factor in this journey.”
