French asset manager Tikehau Investment Managers has committed €15 million of debt financing to the French bus and coach distributor, the Dietrich Carebus Group.
The commitment is part of a €30 million loan package, which comprises a €10 million convertible bond issue and a €20 million senior debt facility. Tikehau IM solely underwrote the bond issue, while contributing €5 million to the senior loan.
The funding has been committed by the firm’s Novi I vehicle, a platform managed by the French asset manager alongside 21 institutional investors. The purpose of the fund is to provide financial support to small and medium-sized enterprises based in France, both listed and unlisted.
Dietrich Carebus Group was established in 1920 and according to a statement from Tikehau IM is the third largest company in France distributing coach and bus services. The latest financing is part of the firm’s push further into providing more environmentally sustainable forms of transportation, such as the “Full Electric” bus.
Carax served as a financial adviser to the Dietrich Carebus Group on the transaction.
Earlier this month, the asset manager closed its third direct lending fund after <a href="” title=”r”>r<a href="” title=”aising €610 million in capital commitments”>aising €610 million in capital commitments. The fund invests in a number of debt strategies, including senior, mezzanine, unitranche and PIK notes and operates across Western Europe. The companies are valued between €50 million and €500 million. Around 40 percent of the fund has been invested.
The announcement followed the launch of an agricultural-debt focused fund, managed with Sofiprotéol, a subsidiary of the French agro-industrial firm Avril Group, and is <a href=".” title=”targeting a final close of €200 million”>targeting a final close of €200 million.
As of 31 August, Tikehau Capital had €8.7 billion of assets under management across all of its investment strategies and employed a total of 170 people across its offices in Paris, Brussels, London, Milan and Singapore. The private debt group, which comprises of a team of 15 people, has €3.3 billion of assets under management.