ADP Clearing (Spain) - Oct 2007

French buyout house Chequers Capital has acquired ADP Clearing from its parent company ADP alongside its management. The senior debt was underwritten by IKB and a mezzanine loan was provided by Indigo Capital. The equity-debt ratio was set on a 35-65% basis. The Lehman Brothersrun acquisition process, which is reported to have included other private equity firms, took around nine months to complete.

Company

Barcelona-based ADP Clearing is active in the processing of transactions and payments associated with the issue of airline tickets sold by travel agents outside the EU. It also offers data management, statisticgeneration and electronic invoicing services. The company employs around 700 staff in its operations in France, Hungary, Portugal, Spain and the UK, Latin America (Brazil and Mexico) and Africa (South Africa and Tunisia). It is understood that the new investors will support ADP Clearing’s management plan to improve the quality and range of services proposed to IATA (the International Air Transport Association), airlines, travel agents and its other customers.

People

The deal was led by Ann Claire Boutant of Chequers Capital. Esteban Abad arranged the mezzanine on behalf of Indigo Capital and Louis-Matthieu Heck represented IKB.

Advisers

Company - Lehman Brothers, (Corporate Finance)Equity - KPMG, (Financial Due Diligence)Equity - Latham & Watkins, (Legal)

Sourced from: Southern Europe unquote" 69 (Nov 2007)

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Southern Europe
• Buyouts
• Support services
• Spain