Private equity firm HIG Capital’s (HIG) portfolio company Groupe Ecore (Ecore) has successfully completed a high-yield bond placement. The Group issued EUR255 million in senior secured floating rate notes, with Barclays acting as sole bookrunner.
Established in 1993, Ecore is a leading player in the French metal recycling market. It employs over 1,400 people and recycles and sell 3.7 million tons of materials each year, including more than 3.0 million tons of ferrous metals. Ecore manages all stages of the recycling chain, from waste collection to processing, transport, and sale of recycled products. In 2017, Ecore generated revenue of EUR1.3 billion.
HIG acquired a significant stake in Ecore in 2017 to support the Group in its new phase of development, alongside the Dauphin family and management team.
Olivier Boyadjian, Managing Director at HIG Capital , says, “We are thrilled by the success of this operation, which demonstrates the confidence of investors in the company and its prospects, especially in the current difficult market conditions. Ecore is well placed to continue building on its success, and we look forward to further supporting Ecore and its management team. Ecore is a good example of HIG’s value-added investment strategy in Europe.”
