Axa Private Equity arranges €220m unitranche for IPH buyout

PAI agreed to buy IPH from Investcorp at the end of December for an estimated €465m. Axa PE was rumoured to be arranging a unitranche facility at the beginning of January, although the firm was then expected to provide €180m.

This marks the largest unitranche facility ever arranged in Europe, according to Axa PE.

The firm ramped up its unitranche activity in 2011, putting €400m from its mezz funds to work over a six-month period. Axa PE also provided a unitranche facility for the SBO of Kermel by Qualium in 2012.

"Unitranche financing has become an important way for companies to finance future investments and enhance value creation. With credit remaining scarce and banks reluctant to lend, we can expect the use of unitranche financing for acquisitions to increase throughout the year," Axa's co-head of private debt Olivier Berment said in a statement.

The IPH transaction was completed this morning. Investcorp reaped €210m from the sale. Under its ownership, IPH's turnover grew from €293m to €860m while EBITDA increased from €12m to €62m.

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• Topics
• France
• Financing
• Industrials
• Axa Private Equity
• PAI Partners
• Investcorp