Pemberton affirms leading position in France with the completion of over €800m worth of deals
Overview
Pemberton, the diversified asset manager backed by one of Europe’s largest insurers, Legal & General Group PLC, has completed eight deals in France, totalling more than €800m, since the start of 2019. The recent succession of transactions affirms Pemberton as a clear top two direct lender in France.1
Direct lending to performing companies has substantially increased over the last five years in France, according to data from Deloitte’s Alternative Lender Deal Tracker.2 The latest transactions underscore the strength of Pemberton’s pan-European platform and position in France, bringing the total number of transactions completed by the firm in Europe to 30 YTD 2019.
France is home to some of the world’s most successful mid-cap companies with excellent growth potential and sponsors with unrivalled expertise in furthering their portfolio companies’ ambitions. An increasing number of growing and highly profitable French mid-cap companies, including those outside of Paris, now view private debt as a very attractive and flexible financing solution, notably in a context of rapid development or build-up strategies.
Set up in Paris only 4 years ago, Pemberton has progressively become a key partner for French sponsors and privately-owned companies, as demonstrated by our most recent successes in a high variety of sectors and situations. Our reliability and business-oriented approach, combined with the track record of our people on the ground and the size and diversity of our funds are all key success factors for our rapid development.
– Geoffroi de Saint Chamas, Head of France at Pemberton
The news follows Pemberton’s recent announcement that it has raised a combined €4.2 billion for its European Mid-Market Debt Fund II and Strategic Credit Opportunities Fund in the first six months of 2019.3
The deals that Pemberton has closed in France this year are:
- The financing of Bain Capital’s acquisition of Maesa, a global beauty brand incubator supplying leading retailers and beauty companies
- The refinancing of Photonis, a leading manufacturer of state-of-the-art image intensifier tubes for space, research, defence and commercial applications controlled by Ardian
- The financing of Amundi PE and BPI France’s acquisition of Wifirst, a major and highly successful Wifi internet provider installing and operating its networks throughout France
- The financing of Sagard’s acquisition of Sterimed, a leading manufacturer of sterile packaging for the pharmaceutical industry
- The financing of Carlyle’s acquisition of Euro Techno Com, a leading distributor of passive and active telecom equipment and supplies
- The financing of Sagard, BPI France and TowerBrook’s acquisition of Sabena Technics, a global specialist in aircraft repair and maintenance
- The refinancing of CIR, a company owned by Bridgepoint Development Capital and its managers specialised in the renovation of historic French heritage buildings
