Published: August 28, 2022
Following a €2.4bn fundraise, Altrad is well positioned to continue a growth strategy that has seen it acquire 11 companies in a year
On May 6th, the French industrial services provider Altrad announced it had raised a new €2.4bn financing package. The funding will be used to refinance its existing debt facilities and free up working capital. It will also help fund future acquisitions, following a spree of deals over the last few years.
The financing is structured as a senior debt facility with maturity periods for different tranches over three to five years. It also includes a five-year capex facility and a five-year revolving credit facility.
“It was raised as a club deal with Altrad’s historic banking partners as well as new banks, supported by Lazard to identify banks and prepare the RFQs,” Altrad’s co-CEO, Ran Oren, tells EMEA Finance. The banking partners in question include BNP Paribas, Credit Agricole, Natixis CIB, Societe Generale, and several others.
The new package gives Altrad a stable financial platform from which to continue its growth plans. Since the start of last year, Altrad has announced 11 new acquisitions, and it has no plans to take its foot off the gas. The firm has been targeting a mix of smaller and larger deals, with a view to diversifying its service offering and expanding its geographic footprint.
“After several years of operating within a challenging environment in terms of the pandemic and volatile markets, Altrad is firmly in growth mode and we will continue to assess the organic and inorganic growth opportunities that support the Group's long-term ambitions,” remarks Oren.
A wave of acquisitions