Squad, a Cybersecurity specialist, carries out a refinancing

A year and a half after Abenex’s entry in the Group’s shareholding structure, alongside its founders and managers, Squad, a Cybersecurity and DevSecOps specialist, has capitalized on its solid growth dynamic to successfully complete a refinancing operation.

The operation aims at replacing the Group’s mezzanine debt, set up in December 2020, by a more flexible and cost-effective solution. This new structure is composed of an additional senior debt, raised from Squad’s historical banking pool led by LCL and Crédit Agricole Alpes Provence. On this occasion, the Group has significantly increased its external growth line, reinforcing its ability to seize bolt-on acquisition opportunities.

“The CIC Private Debt team perfectly met our financing needs, while providing us with continuous and best-in-class support. We are very grateful for the trust Nicolas Offroy and his team have placed in us. We would also like to thank our historical banking pool, LCL and Crédit Agricole Alpes Provence, for their renewed confidence enabling us to set up this refinancing under a very short timeline”, comments David Gomez, Chief Administrative Officer of the Group.

“We are pleased to have had the opportunity to support Squad in its new expansion phase. We have been impressed by the Group’s performance and the quality of its management team. This transaction puts our collaboration on hold, however, the CIC Private Debt team will be delighted to collaborate again with Squad in the next stages of its development, should the opportunity arise again,” adds Nicolas Offroy, Investment Director at CIC Private Debt.

“We are delighted to strengthen our support to Squad through this refinancing operation. We have been attracted, as from 2017, by the Group’s strong growth trajectory in the very promising Cybersecurity market and by its high-quality management team. We are therefore renewing our confidence in the Group and are enthusiastic at the prospect of supporting Squad’s ambitions in the coming years”, conclude David Paquin (LCL) and Christophe Maurel (Crédit Agricole Alpes Provence).

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