Herter & Co. has advised Advania Group (“Advania”) on its first capital markets issue, replacing its existing private debt financing and bilateral facilities. In 2021, funds managed by Goldman Sachs Alternatives acquired a majority of the shares in Advania, alongside VIA Equity and management. In the same year, Advania acquired Visolit from IK Partners, who joined as minority shareholder in the combined group. Advania is a leading end-to-end provider of mission-critical IT solutions for the mid-market in Northern Europe.
Herter & Co. worked closely with the company and the sponsors throughout the whole process including preparation, bank selection, due diligence, ratings, investor presentations, syndication, docs negotiations and closing. The result is an overall financing package of €1.03bn on a covenant-lite basis, taking advantage of current market rates, providing for the necessary flexibilities to serve both organic and acquisitive growth, and a high degree of natural hedging through local currency tranches which were pre-placed with certain lenders. The total financing package consists of a liquid placed EUR-TLB of €375m, €250m equivalent pre-placed GBP tranche, €95m equivalent pre-placed SEK tranche, €100m equivalent pre-placed NOK tranche and €210m revolving credit facility was provided through JPM and GS (Global Coordinators), Danske and Nordea (Nordic Bookrunners), KKR (Sterling Bookrunner), CACIB, Mizuho, SEB and MV Credit.
Herter & Co. acted as Sole Debt Advisor to Advania. Herter & Co. is a Teneo company.
Advania is the leading end-to-end provider of mission-critical IT solutions for the mid-market in Northern Europe. It employs more than 5,000 people offering a one-stop shop to address all key IT needs incl. managed services, IT infrastructure and integration and professional services. It benefits from a resilient business model in a double-digit growing market with industry leading client retention rates. In 2023, the company generated total revenues of SEK14.0 billion.
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of December 31, 2023.
