Background
• Acces Industrie is a leading speciality player in the French construction equipment rental market, focusing primarily on the niche market of aerial lift equipment. The company is a fully integrated service provider and offers customers technical assistance, maintenance services, and on-site delivery and pick-up
• With 30 branches in France, Spain, and Portugal, Acces Industrie serves over 6,500 active customers in the construction, building services installation, and industrial maintenance markets
• In April 2006, Butler Capital Partners (‘BCP’), a leading French special situations private equity firm, acquired a majority stake in the company to sustain its growth plan
In February 2007, Close Brothers Corporate Finance was appointed to advise the company on the refinancing of its existing fleet, financed by a US-based lessor, and the financing of future CAPEX. The aim was to reduce the overall cost of debt and increase in the company’s flexibility
Process
• Close Brothers Corporate Finance ran a competitive bidding process targeting a select number of banks in France and the United Kingdom with the aim of achieving an optimal financing structure. In October 2007, the company raised a total facility of €100m fully underwritten by Natixis, acting as Mandated Lead Arranger.
Gains
• This €100m senior debt facility was signed just after the sub-prime crisis in August 2007. The facility allowed the company to increase the size of its facilities by some 40% and reduce its cost of debt by approximately 200bps, reflecting the stability brought to the business by BCP’s investment. It also allowed the company to establish new relationships with the French banking community.
Testimonial
Pierre Costes, a Director at BCP, said:
”Close Brothers Corporate Finance has been instrumental and helpful throughout the fund raising process, from advising on the appropriate structure to the negotiation of final lending documentation.”
For more information regarding this transaction, please contact Jonathan Trower, George Elliston, Francois Vidal, or Nicolas Depardieu on +44 (0) 20 7655 3100.