Keywords Studios secures €105m credit for yet more acquisitions
New revolving credit agreement arranged with three banks as firm reviews "strong pipeline of acquisition candidates"
The ever-growing empire of Keywords Studios looks set to continue expanding as the company gains access to more than €100 million.
The services provider has announced a new revolving credit facility with Barclays Bank, HSBC Bank and Lloyds Banking group for an initial €75 million that can be used over a three-year term.
However, Keywords also has the option to extend this to five years and raise the limit to €105 million.
This replaces the previous €35 million facility Keywords had already arranged and is on "improved terms", according to an official statement.
Anyone following the company's dealings will not be surprised to find out what this credit has been earmarked for: more acquisitions.
Keywords has been on a spending spree over the past few years. In July 2013, Keywords was comprised of five production studios in five countries. Today, it stands at more than 45 production studios in 20 countries.
It made 11 acquisitions last year alone, and has already purchased four firms since 2018 began: most recently marketing services specialist Fire Without Smoke, just shy of two months after it acquired audio firms Cord Worldwide, Laced Music Group and Maximal.
And CEO Andrew Day says there's more to come: "We are reviewing a strong pipeline of acquisition candidates and organic investment opportunities as we continue to build our business organically and through acquisition.
"This facility gives us the flexibility and headroom to act on our investment decisions whilst continuing to enhance shareholder value."