Feuer Powertrain signs €30m mezz with Idinvest

Feuer Powertrain agrees mezzanine facility with French private lender.

Privately-owned German crankshaft maker Feuer Powertrain has signed a €30 million mezzanine facility with French private lender Idinvest Partners.

The junior debt financing will partly support the opening of Feuer’s first production plant in the US as well as the company’s equity base, a source close to the deal told PDI.

The six-year facility brings the unsponsored borrowers leverage to under 4x, PDI understands. Pricing on the facility is in the 12-13 percent range.

Feuer, which makes parts for premium car manufacturers including BMW, Jaguar and Ferrari, produces revenues of around €150 million and EBITDA of €40 million. According to its website, it is targeting revenues of €200 million for 2016.

The new financing was signed last month but had been in discussion since April. 

Idinvest, which became independent from Allianz Global Investors in 2010, has €5 billion of assets under management. It closed its third mezzanine fund, Idinvest Private Debt III, on €400 million, exceeding the hard-cap of €350 million in June.