HIG WhiteHorse, a credit affiliate of global investment firm HIG Capital (HIG), has arranged a financing package for Groupe Astek (Astek), which includes a significant growth capital component.
Founded in 1988 and still controlled by its founder Jean-Luc Bernard, Astek is the last independent and fully private global French engineering & IT consulting specialist. It is headquartered in Boulogne-Billancourt, France with over 500 employees operating in 17 countries. Led by Julien Gavaldon since 2013, the Group has grown significantly through a mix of organic and external growth, with six targeted acquisitions completed over the past two years.
HIG WhiteHorse has arranged a EUR170 million financing package, which will be used to refinance the Group’s existing indebtedness, finance the buy-out of several minority shareholders, and provide additional capital to finance growth, supporting the Group’s expansion, especially through its active buy-and-build strategy. HIG WhiteHorse, through some of its affiliates, acted as the sole arranger.
Jean-Luc Bernard, Founder and Chairman of the Supervisory Board of Astek, says: “With this financing, Astek will continue to build upon its strong performance to reach its billion-dollar turnover target.”
Julien Gavaldon, Chief Executive Officer of Astek, says: “I would like to thank HIG for their confidence in helping us reach this new milestone in the development of Astek. Based on the skills and commitment of our teams, we plan to keep up the momentum, driven by our ability to innovate and support our customers in their digitalisation efforts.”
Pascal Meysson, Head of HIG WhiteHorse Europe, says: “Astek has grown significantly in recent years, including in 2020, despite the Covid-19 crisis. Today, Astek is well-positioned in a market with strong growth prospects, driven by an increasing need for digitalisation among businesses and a fragmented market that continues to consolidate. We are excited to contribute to the future success of the group with our tailored financing.”
