BUSINESS WIRE: H.I.G. WhiteHorse Europe Refinances Astek

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LONDON --(BUSINESS WIRE)-- 30.05.2024 --

H.I.G. WhiteHorse Europe, a credit affiliate of global investment firm H.I.G. Capital ('H.I.G.'), is pleased to announce that it has co-arranged a new €450 million financing package for Astek (the “Company” or the “Group”).

Founded in 1988 and controlled by its founder Jean-Luc Bernard, Astek is a global player in engineering and technology consulting. Headquartered in Boulogne-Billancourt, France, Astek operates in more than 20 countries with 8400 employees. Led by Julien Gavaldon since 2013, the Group has experienced significant growth as a result of organic activity and ten strategic acquisitions, over the past four years. The Group has developed leading market positions in its key geographies, notably in France, Poland, and Canada, in addition to growing positions in Northern and Western Europe, the Middle East, and Asia.

In 2021, H.I.G. WhiteHorse Europe acted as the sole arranger of a €170 million financing package used to refinance the Group’s existing loans and provide additional capital for growth. Having reached its business goals two years ahead of schedule, Astek is further strengthening its financial resources to support its plans of continued growth through a new senior-secured financing package of €450 million co-arranged by H.I.G. Additionally, Astek has welcomed its long-term investor, Intermediate Capital Group (“ICG”), as a strategic partner. ICG has provided an additional €110 million in equity financing to the Group.

Jean-Luc Bernard, Founder and Chairman of the Supervisory Board of Astek, said: “H.I.G. has been our partner since 2021 and I would like to thank them for their renewed confidence. The trust that has been built with H.I.G. has further strengthened the Group and Astek is now well-positioned for continued growth and profitability.”

Julien Gavaldon, Chief Executive Officer of Astek, said: “Thanks to our partnership with H.I.G., we have had a very successful growth trajectory, reaching our objectives two years ahead of schedule. We are determined to continue growing the Group, with the goal of exceeding 1 billion euros of turnover before 2027. H.I.G.’s renewed confidence in Astek, coupled with our new strategic partnership with ICG, positions us among the global leaders in digital transformation and technology consulting.”

Pascal Meysson, Head of H.I.G. WhiteHorse Europe, said: “Astek is a remarkable company, led by a high-quality management team, and we are grateful for their renewed trust in H.I.G. WhiteHorse Europe. We are excited to continue supporting Jean-Luc Bernard, Julien Gavaldon, and Astek’s 8,400 employees as they embark on this exciting new phase of development.”

Charles Bourgeois, Managing Director at H.I.G. WhiteHorse Europe, said: “We deeply appreciate the renewed confidence shown by Jean-Luc Bernard and Julien Gavaldon in H.I.G. WhiteHorse Europe. Over the past years, Astek has achieved remarkable and consistent growth, establishing itself as a prominent global player. Its impressive market share gains, driven by approximately 20% organic growth (significantly exceeding market expansion) and a well-managed buy-and-build strategy, are a testimony to its success. We are delighted to continue supporting Astek as it embarks on this new chapter of development.”

About H.I.G. Capital

H.I.G. Capital is a leading global alternative investment firm with $62 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, and Dubai, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/ value-added approach:

• H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
• H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
• H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
• H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

^{* Based on total capital raised by H.I.G. Capital and affiliates.}

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Pascal Meysson
Head of H.I.G. WhiteHorse Europe
pmeysson@hig.com

Charles Bourgeois
Managing Director
cbourgeois@hig.com

H.I.G. WhiteHorse Europe
10 Grosvenor Street
2nd Floor
London W1K 4QB
United Kingdom
P +44 (0) 207 318 5700
hig.com