Kartesia's management to take majority stake in Flexam

Ero Partsakoulaki
26 April 2023

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Kartesia’s management company is set to acquire a majority stake in Paris-headquartered real-assets fund manager Flexam, seeking to create a joint platform with expanded offering across Europe.

The deal is structured as a strategic partnership between Kartesia and Flexam, a spokesperson for Kartesia told Unquote. The joint platform aims at European expansion with a focus in Benelux, France, DACH, CEE, Italy, Spain and the UK, the spokesperson said.

Under this partnership, Flexam will retain its existing management and investment autonomy, according to a press release.

Kartesia is set to expand its private capital solutions offering for small and mid-sized companies through the addition of European real-asset financing.

"The rationale is to expand product offering into a fast-growing alternative asset-based lending space," the spokesperson said. "We expect significant cross fertilisation within deal sourcing and distribution amongst institutional investors."

Regulatory approvals are still to be obtained with the transaction anticipated to close before summer 2023, according to the press release.

Kartesia has more than EUR 5.5bn in assets under management and is active across the full spectrum of the European secondary and primary leveraged loan market, including senior debt, mezzanine, minority equity interest and CLO liabilities.

Its Credit Opportunities V fund (KCOV V) held its final close on EUR 1.5bn in May 2021 and has a European focus, intending to support small and mid-cap firms with a debt-equity package. Investments would range between EUR 10m to EUR 60m, according to Unquote Data. Its Kartesia Senior Opportunities I closed on EUR 1bn in March 2021.

Company
Flexam is a European fund manager involved in real-asset financing activities, including sale-and-lease back and financial leases. It focuses on deals in the lower mid-market segment and specialises in mobility, logistics, light infrastructure and other tangible and moveable assets, with an emphasis on energy efficient assets. The firm is based in Paris, with offices in London and Luxembourg.

People
Kartesia − Laurent Bouvier, Damien Scaillierez (managing partners).
Flexam Asset Management − Fabrice Fraikin (co-founder), Florian de Sigy (managing partner).

Advisers
Flexam − Ekapartners (corporate finance).