M-Cube secures €28m refinancing to replace a bond, lower costs and fund working capital and acquisitions.
M-Cube has completed a €28m refinancing with Unicredit and Banco BPM, replacing its existing bond loan and setting up new facilities aimed at supporting both day-to-day growth and planned acquisitions.
The digital signage integrator said the new package is designed to reduce financing costs and improve the group’s financial structure. It also separates working capital needs from acquisition funding, allowing future deals to be financed independently from operating requirements.
The refinancing includes a revolving credit facility tied to working capital needs linked to organic growth in Italy and M-Cube’s international markets. It also provides separate capital expenditure lines for M&A transactions that the company plans to pursue.
Unicredit acted as agent bank for the refinancing, according to Radiocor. M-Cube has not identified any potential acquisition targets.
"With these new resources, we intend to further strengthen our position, accelerating both organic growth and new targeted acquisitions", M-Cube group chief executive Gianluca Pasquali said in the company’s announcement.
M-Cube said HLD, its reference shareholder, took an active role in structuring the transaction. Pedersoli & Gattai advised M-Cube, while Deloitte Legal advised the lenders.
The refinancing comes after a period in which M-Cube reworked its operations and expanded its business. The company generated approximately €70m in revenue during 2025, with high single-digit growth and what Pasquali described as a good level of profitability in an invidis interview published in January.
During 2025, M-Cube reorganized its subsidiaries into a unified structure, eliminated duplicated roles, and shifted investment toward commercial functions. It also continued investing in DXP One, its proprietary cloud-based software platform, as well as its integration and content capabilities. The refinancing announcement did not assign funding to any specific software or retail media projects.
M-Cube ranked fourth in the 2026 invidis ranking of EMEA digital signage integrators, behind Econocom Group, Trison and Cancom. The ranking identified the company as one of the businesses building pan-European platforms through acquisitions while posting above-average growth.
The new facilities give M-Cube more capacity to take part in that consolidation while also funding the working capital needed for its existing expansion program.
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