• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Refinancing

Gyrus completes recap for DuPont Sustainable Solutions

  • Harriet Matthews
  • Harriet Matthews
  • 16 December 2020
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

Gyrus has completed a recapitalisation for Switzerland-based environmental health and safety consultancy DuPont Sustainable Solutions (DSS).

The GP said in a statement that the refinancing has allowed 60% of invested capital to be returned to investors.

Asked about the rationale behind the recapitalisation, Guy Semmens, founding partner at Gyrus, told Unquote: "We've owned DSS for 15-16 months and it's a very profitable, successful, cash-generative business. We put the business together in quite a complicated carve-out and put very limited leverage on it at the beginning."

DuPont Sustainable Solutions

  • DEAL:

    Refinancing

  • LOCATION:

    Geneva

  • SECTOR:

    Business support services

  • FOUNDED:

    1970

  • TURNOVER:

    €170m

  • STAFF:

    600

Gyrus invested in DSS in February 2019, carving it out from EI DuPont de Nemours and Company.

The buyout was the first deal from the GP's open-ended Cortex Fund, which was launched in 2018 and had raised €240m in November 2019, according to Unquote Data. The vehicle backs mid-market companies on a deal-by-deal basis.

UBS provided debt to back the buyout in 2019 and has also provided funding for the recapitalisation. The leverage comprises senior debt and a revolving credit facility.

Asked about the GP's future growth plans for DSS, Semmens said: "The business has seen strong organic growth, and we are planning to bolt on two or three smaller acquisitions to accelerate that growth, and to leverage on the global distribution. DSS bought Lodestone in February and we're looking at one or two for next year." Lodestone Partners is based in Canada, and, given DSS's global reach, future add-on targets could be in Europe, the US or Asia, Semmens said.

The recapitalisation marks Gyrus' first portfolio realisation since the firm's establishment in 2018.

Gyrus is currently on the road for its debut fund, Gyrus Principle Fund, which has a hard-cap of €400m. The fund invests in companies with enterprise values of €30-300m and aims to make two to three deals per year. The fund held a first close in July 2020 in the €230-240m region, Semmens told Unquote. "We expect to meet that cap around March or April next year and we're around 70% of the way there now," he said.

The GP acquired LivaNova's heart valve business earlier in December 2020 via its debut vehicle, in a deal valuing the company at around €60m.

Company
Founded in 1970 and based in Geneva, DSS is an environmental and health and safety consultancy, offering advice and project management services for topics including operations risk management and operational improvements. The company has 600 full-time employees and employs a further 700-800 people as contractors.

People
Gyrus Capital
– Guy Semmens, Robert Watson (founding partners).
DuPont Sustainable Solutions – Davide Vassallo (CEO).

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Refinancing
  • DACH
  • Industrials
  • Refinancing
  • Switzerland
  • Gyrus Capital

More on Refinancing

The Unquote Podcast
Unquote Private Equity Podcast: The PE auction in times of exit scarcity

Rachel Lewis joins Harriet Matthews to discuss how auction process dynamics are changing against the current market backdrop

  • Industry
  • 23 January 2023
Banks and financial institutions
Alcentra takes keys to three PE-backed companies this year

Under Benefit Street Partners' ownership the alternative lender took over Lifetime, Optionis and Equiom

  • Refinancing
  • 16 December 2022
Pharmaceuticals
Gyrus Capital's Essential Pharma refinances, inks two deals

In parallel with the refinancing, Essential Pharma completed two M&A deals in December

  • Refinancing
  • 22 December 2021
Catering for cruises and other marine vessels
Searchlight invests in Celestyal Cruises

Searchlight is investing in the cruise operator via its Searchlight Opportunities Fund

  • Refinancing
  • 29 November 2021

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013