Ardian has provided a unitranche facility to support the private equity-backed buyout of European Cargo Services (ECS).
The deal provides financing for Naxicap Partners’ acquisition of the company from Alpha Private Equity and will also include a dedicated acquisition facility to support the firm’s future growth.
ECS was founded in 1998 in Paris and acquired by Alpha Private Equity in 2013. It has a network of 137 offices across 47 countries, providing management services for cargo on behalf of airline. It has annual sales of over €1 billion.
Commenting on the deal, Grégory Pernot, director of private debt at Ardian France, said: “With ECS’ clear ambition of selectively penetrating and reinforcing its positions in key areas of its already broad network, the unitranche alternative stood out as a compelling solution to accelerate the Company’s growth in the next few years”
ECS plans to pursue an active acquisition strategy to generate commercial synergies and expand the range of services offered to its clients.
Naxicap partner Angèle Faugier said the unitranche facility would provide flexibility and speed of execution to enable the company to pursue its goals.
Ardian said the deal is its 108th transaction since the private equity house set up its private debt operations and demonstrated its ability to underwrite unitranche deals for larger transactions.