Ontex has agreed to a financial restructuring which will see its private equity backer Candover inject more than EUR 50m into the business. Candover's stake is understood to rise to more than 80% following the restructuring. Merrill Lynch has reportedly agreed to underwrite a new debt package, that will pay off Barclays Capital, Ontex's senior lender, and the mezzanine note holders. Ontex is understood to have total debt of about €720m. Under the new debt facilities, the firms EBITDA ratio as a proportion of total debt is reported to be reduced from about 8 to 9 times, to less than 6.
Deal is Recover's 23rd acquisition since it was established six years ago, and the third since being acquired by EQT
Gimv formed the climate control business in 2016 by merging Itho Daalderop and Klimaatgarant
Corporate venture arm Shell Ventures leads the round for the IoT energy systems software platform
GP invests in the company via Wisequity V, which closed on its €260m hard-cap in July 2019