3i’s component testing firm in €70m refinancing

ATESTEO, a German company serving car manufacturers, will deliver €59m in proceeds and over 60% of 3i’s investment.

3i-backed ATESTEO, an independent provider of drivetrain testing, has undertaken a €70 million all senior debt refinancing consisting of a €45 million Term B loan facility and a €25 million revolving credit/capex facility.

3i said the proceeds from the term loan and cash on balance sheet will be used to refinance 3i Group shareholder loans. As a result, it expects to receive around €59 million in proceeds by the end of this month, returning over 60 percent of its total cash investment.

BayernLB, Commerzbank, HSBC and UniCredit acted as mandated lead arrangers on the refinancing and UniCredit as agent.

ATESTEO has received €95 million in investment from 3i since October 2013, allowing it to invest in new testing facilities in Germany and China. The firm says it has generated EBITA growth of more than 50 percent since 2013, enabling the refinancing “on a prudent basis”.

Based in Alsdorf, Germany, ATESTEO is a drivetrain testing specialist for automotive original equipment manufacturers (OEMs) and tier one suppliers seeking to improve quality and safety while reducing emissions and production costs.

The firm has more than 120 test rigs and tests manual and automatic transmission systems, differentials and hybrid electric powertrains.