FRANCE - Candover recapitalises Qioptiq Group
Candover has completed a recapitalisation of portfolio optical solutions company Qioptiq Group. Financial terms were not disclosed, other than that European Capital and parent company American Capital collectively invested USD 85m in a mezzanine tranche.
The tranche was led by European Capital, which provided USD 57m, and was arranged and underwritten by Royal Bank of Scotland and Unicredit. American Capital provided the remaining USD 28m.
Qioptiq was formerly the high-tech optics division of defence company Thales, having spun-out in 2005 following the investment by Candover. The company focuses on developing and manufacturing high-precision optical solutions for the defence, medical and industrial markets.
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