EQT Credit moves in to take over Charterhouse's Bartec

EQT filed its notification on 23 September. Its credit funds were the largest single debt holder in the business as of April with a €131m position, according to Unquote sister publication Debtwire. Other lenders include Alchemy Partners, DELFF, Avenue Capital, Idinvest and Partners Group.

Charterhouse declined to comment on the latest development at the time of publication.

The GP acquired Bartec, a German provider of safety technology for use in hazardous environments, in 2012 via its fund Charterhouse Capital Partners IX. It bought the business from Capvis Equity Partners and Partners Group. Capvis had bought its stake in Bartec in a management buyout from Allianz Capital Partners in 2008.

The group underwent a refinancing in 2017, with Bartec receiving €70m in new capital, of which €50m was contributed by Charterhouse and the remaining €20m provided by various lenders. Bartec's debt facilities were extended until June 2022. 

Earlier this month, Global Loan Agency Services – the security agent for Bartec's loans – served an acceleration notice on behalf of the majority of the group's lenders as they moved to take control of the company, according to a Debtwire report.

The report noted that the group began canvassing the market for a potential acquirer in the summer, with a first indicative offer in the region of €325m received before the process was shelved.

Bartec is projecting revenues of €285m for 2019, with EBITDA of €37.9m.

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• Topics
• Exits
• DACH
• Industrials
• EQT
• Charterhouse Capital Partners
• Debt-for-equity swap
• Germany