Keywords gets access to more than $120 million to fund further acquisitions

Services provider has bought four companies in 2018 so far

Date Type Companies involved Size
June 5th, 2018 other Keywords Studios $123m
Keywords gets access to more than $120 million to fund further acquisitions

Services provider Keywords Studios has secured a credit facility of up to €105m ($123m) to fund yet more acquisitions.

The company has agreed a new revolving credit facility with Barclays Bank, HSBC Bank and Lloyds Banking Group for an initial €75 million ($88m) over the next three years.

It also has the option to extend this up to €105 million and by a further two years.

The deal replaces the existing €35 million ($41m) facility the company had used. Keywords claimed the new facility is on “improved terms”.

M&A warchest

“We are pleased to have finalised this significantly expanded facility, on terms which improve upon our previous arrangement, in line with our intention of maintaining a conservative mix of equity and debt funding to support our investments in both the underlying business and new activities,” said Keywords CEO Andrew Day.

“We have made four acquisitions to date this year and, over the last 12 months, we have invested to substantially expand our capacity across six existing and five new facilities.

“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.”

Keywords has been extremely busy with its M&A activity over the last few years. Last year it made 11 acquisitions and it has announced four more so far in 2018.

Recent acquisitions include creative and marketing services company Fire Without Smoke, music branding and consulting service Cord Worldwide, record label Laced Music and audio production company Maximal Studio.

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Craig Chapple is a freelance analyst, consultant and writer with specialist knowledge of the games industry. He has previously served as Senior Editor at, as well as holding roles at Sensor Tower, Nintendo and Develop.