September 7, 2017 / 2:34 PM / 16 days ago

LPC-Banks line up €350m debt for Alvest buyout

LONDON, Sept 7 (Reuters) - Bankers are lining up around €350m of debt financing to back a buyout of French airport ground support firm Alvest, banking sources said.

Canadian pension fund Caisse de depot et Placement du Quebec (CDPQ) and private equity firm Ardian entered into exclusive talks to acquire a significant stake in Alvest from French Sagard Private Equity Partners, the companies said on Wednesday.

Up to six banks are due to be appointed shortly to back the buyout, the sources said.

The group is expected to include BNP Paribas, CIC and Societe Generale, which have all provided debt financing to Alvest previously, the sources said.

The debt financing is likely to include a €310m term loan B, as well as undrawn facilities, the sources said.

Debt is expected to total around 4 times Alvest’s approximate €73m Ebitda, the sources said.

Ardian declined to comment. Alvest and CDPQ were not immediately available to comment.

Alvest designs, manufactures and distributes technical products for the aviation industry and has more than 1,800 employees. It operates 10 factories in the United States, Canada, France and China.

Editing by Christopher Mangham

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below