LGT buys Bridgepoint-backed 5aSec in debt-to-equity swap

Prior to the onset of the coronavirus crisis, 5aSec was experiencing difficulties and both Bridgepoint and existing investor LGT Capital agreed to inject €5m in new money. Unquote understands that as the Covid-19 outbreak intensified, LGT Capital decided that to put new money in, it expected to have full control of the business.

Bridgepoint has sold its equity stake in 5aSec for a symbolic €1, which sees the firm wholly exit the company. 5aSec was a Bridgepoint Development Capital III portfolio company. The fund closed on £600m in June 2016.

5aSec owes a debt of €60m. The change in control entails a capitalisation of two years' worth of interest on LGT's debt holdings in addition to a small new money injection.

Previous funding
Capzanine first acquired a minority stake in 5aSec in 2007, as mezzanine co-arranger for the secondary LBO put together by ING Parcom. In 2014, Capzanine, along with Rive Private Investment and IFE Mezzanine, helped the group restructure its debt and injected €10m in new money into its share capital.

Bridgepoint acquired the company in October 2017 for an enterprise value of €50m. According to Unquote sister publication Debtwire, LGT Capital and Berenberg Bank provided a senior debt package of €23.75m to support the transaction.

Existing investors Capzanine, IFE Mezzanine, and Quilvest Private Equity sold their shares while Parquest Capital and Rive retained a minority stake.

Company
Founded in 1968 in Marseille, 5aSec reported an EBTDA of €5m on revenues of €80m in 2019. The textile cleaning and care services company is based in Chêne-Bourg.

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• France
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• Bridgepoint
• LGT Capital Partners
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