Latour Capital's Syclef secures refinancing

Ardian's financing facility will support the refinancing and capital reorganisation of Syclef. The package also includes a dedicated committed acquisition line to facilitate future buildups. 

Unquote sister publication Debtwire reported earlier in August that Latour was pushing lenders to bring €100m to the table for the recap. Seeing as the business was posting EBITDA of €17m, this was implying leverage of around 6x, sources told the publication.

Lenders were confident of supporting the high leverage given Syclef's solid visibility around revenues, as the majority of the business is maintenance-focused rather than manufacturing new equipment, sources told Debtwire. 

Ardian and Latour were not available for comment at the time of publication.

Previous funding
French GP Latour initially acquired a controlling stake in Syclef in 2015, and has since helped accelerate the expansion of the group, both organically and through the acquisition of 10 other businesses.

Company
Founded in 2003 and based in Rousset, Syclef designs, installs and maintains commercial and industrial refrigeration systems. Created from the grouping of local refrigeration service providers, the business now employs 540 people and serves retailers, food producers and logistics companies.

The group has also grown significantly, with EBITDA effectively doubling in three years, a source told Debtwire.

People
Ardian – Grégory Pernot (director, private debt); Guillaume Chinardet (head of private debt France).
Syclef – Hervé Loheac (CEO).
Latour Capital – Philippe Leoni, Maxime Gutton (partners). 

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• Topics
• Refinancing
• France
• Industrials
• France
• Ardian (formerly Axa PE)