Siblu signs in two for unitranche deal

The French holiday park owner has replaced a mixed bank and debt fund lending group with a larger facility from two debt funds as new sponsor, Stirling Square, takes the helm.

Alcentra and Babson Capital teamed up to provide the debt financing for private equity firm Stirling Square’s secondary buyout of French mobile home operator Siblu, PDI understands. The acquisition from Bridgepoint Development Capital was supported by a €100 million unitranche loan.

The deal closed in late July and was funded this month. The lenders enjoy full security over Siblu’s assets including holiday home sites across France with the additional benefit of the company being UK-headquartered, a source close to the deal said.

Stirling Square ran a competitive process to award the debt mandate, the source added, noting that the tenor is around six or seven years.

The new unitranche loan replaces an €80 million facility provided by credit funds Babson Capital, Hayfin Capital Management and Tikehau IM, along with bank lenders Barclays and Société Générale in 2013. 

Siblu owns and operates 14 premium holiday parks in France and produces revenues of €97 million, according to the Stirling Square website. It is a market leader in the owner-occupier holiday park model. 

Alcentra is a UK-headquartered mid-market lender. It is currently targeting $1.5 billion for its second direct lending fund.

Babson Capital’s global private finance unit had $3.2 billion in assets under management as of 30 June. It is also in the market with a global direct lending fund.