The Tikehau IM-managed Novi 1 fund has provided EUR15 million of a global EUR30 million financing for the Dietrich Carebus Group.
The fund subscribed to the entire EUR10 million convertible bond issue and underwrote EUR5 million of the total EUR20 million senior bond issue.
Founded in 1920, Dietrich Carebus Group is the third largest market participant in France for coach and bus distribution as well as after-sales services. The group is the exclusive distributor for Chinese coach and bus manufacturer Yutong and the Turkish company Temsa. For the fiscal year ended 30 September 2015, the group generated revenues of EUR93.5 million and employed 180 people.
The Dietrich Carebus Group aims to develop the “Full Electric” bus in France and has been invited by several French cities for testing. The company has also entered into a trial period as part of the three bidding processes launched by the RATP (The city of Paris public transport operator) to replace 80 per cent of its 4500 vehicle fleet by 2025.
The EUR30 million financing will allow the group to accelerate its growth, particularly in the area of sustainable transport, and will enable it to build an assembly line in Ingwiller (Alsace), thereby creating new jobs.
Novi 1 is an initiative of Caisse des Dépôts together with 21 French institutional investors, designed to support France’s economic growth. It is managed by Tikehau IM alongside Financière de l’Échiquier. Its main purpose is to support growing listed and non-listed French SMEs in the financing of their innovation and expansion projects through the provision of equity/quasi-equity and/or senior debt.
The Dietrich Carebus Group was assisted by CARAX, who acted as financial adviser and arranger.
