Peak 10 is gearing up for more acquisitions and growth in existing markets, its chief financial officer says, now that the provider of data-hosting and other information technology services has closed on a $60 million credit facility.
“Our expanded credit facility, coupled with Peak 10’s strong internally generated cash flow, fully funds our business plan,” said Brian Noonan, Peak 10’s CFO, in announcing the credit facility Friday.
“Our history of consistent quarterly growth and strong balance sheet management has enabled us to obtain debt on attractive terms with an expanded group of lenders," Noonan said. "We are well positioned to pursue in-market and new market expansions, including acquisitions.”
Peak 10 has gone the acquisition route to acquire facilities in Nashville, Tenn., Louisville, Ky. and Richmond, Va.
The company also recently expanded into the Atlanta and Cincinnati markets. It now operates 12 centers.
Before its recent surge in expansion, Peak 10 operated data centers in Charlotte, Morrisville, N.C., and Tampa and Jacksonville, Fla.
RBC Capital Markets, GE Capital Corporation and CIT were involved in creation of the credit facility.
“This expanded credit facility sends a powerful message to our customers, namely that we have positioned Peak 10 to expand to meet their growth needs and technical service needs for the future,” said Peak 10 Chief Executive Officer David Jones.
“At the same time, we remain aggressive with options to expand into more markets and to execute our strategic growth initiatives,” he added.