Njord Partners backs GeoQuip with convertible loan

The two-year senior secured facility includes an option to convert the loan to equity. The loan provides GeoQuip with the necessary capital to boost its business through a cash plus PIK interest structure.

GeoQuip provides oilfield services focused on offshore geotechnical investigations and services. The firm operates five offshore geotechnical drilling spreads and two vessels. Headquartered in St Gallen, Switzerland, the firm has more than 50 years' experience. 

The transaction is Njord's first independent deal. Former executives of KKR and Oaktree Capital Management launched Njord in Q1 2013. The investor backs SMEs in western Europe. 

In October 2013, Njord provided and arranged financing for Portuguese family-owned Respol Group to allow the firm to buy Forchem Oy, a Finnish pine chemicals firm. Led by Njord, the €65m financing included funds advised by Noonday Asset Management.  

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