Devglass Group, an independent manufacturer and distributor of insulating glass, has refinanced its bank debt and repaid EUR35 million of senior and junior mezzanine bonds held by European Capital. European Capital will continue to hold 40% of the equity alongside Olivier Rambeau, CEO and majority shareholder of the Devglass Group.
"We are very pleased with our investment in Devglass. The group has been able to create value ever since 2007," declared Ira Wagner, President of European Capital Financial Services Limited ("European Capital Services"). "This refinancing shows that French banks are still prepared to back the most dynamic and best-performing regional middle-market companies even in this challenging environment."
"In today’s choppy credit markets, we believe more than ever that our ability to provide flexible financing solutions ranging from mezzanine and uni-tranche to minority or majority equity investments, multi-currency funding capabilities, and commitment to growing portfolio companies make European Capital a desirable investment partner," says Tristan Parisot, Managing Director of European Capital Services.
"We are extremely pleased with our relationship with Olivier Rambeau and his highly experienced team," says Stephane Legrand (pictured), Director of European Capital Services. "Devglass has navigated through this crisis remarkably well – the group has been able to increase volumes and market share year after year."
"Following substantial business plan outperformance, Devglass has been able to reduce its cost of debt and accelerate its growth," said Olivier Rambeau, CEO of Devglass. "In 2012 the group will continue to grow in the French market, both organically and through acquisitions."
Since its inception, European Capital has invested EUR1.1 billion (USD1.5 billion USD) in France in 27 different companies. European Capital will consider mezzanine, unirate and equity investment opportunities from EUR10 million to EUR100 million.