Ufenau moves Corius and Altano to continuation fund

Corius had been expected to hit the market in late 2021, as reported by Unquote's sister publication Mergermarket, but Ufenau has instead moved the asset into a special vehicle continuation fund, two sources familiar with the situation said. The transferring process also includes Altano.

Two fund filings registered on 9 March for Corius LuxTopCo S.à r.l and Altano ManCo GP S.à r.l point to both assets being placed in Ufenau's Continuation 3.

Ufenau's third continuation vehicle was registered on 8 October 2021 and was expected to house two or three investments, as reported by Unquote.

The GP has decided to hold on to the assets for more growth and M&A, said one of the sources. It is not expected to exit Corius any time soon, said the same source.

Ufenau needs a proper year of trading before considering exits on those assets and the rest of its portfolio so it is waiting until April or May before making any decision, one of the sources said. Corius was affected by lockdowns, the same source added.

Corius was closing in on the EUR 20m EBITDA figure that Ufenau targets before exiting its investments, Mergermarket reported back in August 2020, when an exit was being considered by the sponsor.

Ufenau bought both assets in 2017 via its Ufenau V fund, which held a final close at EUR 227m in October 2016. The fund is only at half term so there is no hurry to exit, one of the sources said.

Ufenau did not respond to a request for comment.

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