Tikehau IM has led a EUR60 million unitranche to support the recapitalisation of Terratest, an international provider of geotechnical engineering and foundations solutions.
Founded in 1959 in Spain, Terratest provides foundation work, ground improvement and micro-tunnelling services for large-scale international infrastructure projects, industrial, commercial and residential construction.
Los Angeles-based Platinum Equity acquired a majority interest in Terratest in 2014.
After pursuing a repositioning of the business, Terratest has become a growing international operator in its sector, with activities in more than 25 countries worldwide.
Tikehau IM acted as sole arranger of the EUR60 million unitranche transaction. The refinancing will support Terratest continuous growth and expansion.
After arranging financings for ELIX Polymers (September 2016) and Telvent (April 2015), this is the third time Tikehau IM supports a Spanish company.
Enrique Torres, CEO of Terratest, says: “Terratest has demonstrated a track record of continuous international growth in recent years, and we are pleased to have Tikehau participate in this achievement going forward. We look forward to continuing the expansion of the business globally thanks to the long-term flexible financing structure. “
Carmen Alonso, head of Iberia at Tikehau IM, says: “We are pleased to be part of this significant step in the development of Terratest. This financing will not only optimise the company’s financing structure, but also enable the implementation of its strategy to seize further growth opportunities.”
