Tikehau IM’s Novo 2 fund has finalised its participation in a new seven-year bond issuance for the Prodware Group. The fund is underwriting EUR25 million of the EUR50 million total issue.
Founded in 1989 by Philippe Bouaziz, Prodware Group is an international vendor and integrator of industry-specific and role-tailored IT solutions and applications. It is listed on the Alternext market. The Group has progressively developed its own solutions and currently delivers more than 23 industry-specific and 12 business software solutions to a wide range of industries.
By June 30th 2015, Prodware Group had generated, EUR175.3 million in revenues and EUR30.7 million in EBITDA over the LTM. For the full year of 2015 the Group reached EUR181.8 million in revenues which represented a 4 per cent year-on-year increase. The Group operates via a network of 20 branches in France and through 15 different offices in EMEA countries, partnerships and alliances thereby enabling the group to cover more than 150 countries. Prodware Group currently employs approximately 1,425 people and serves 19,000 clients.
Following this EUR50 million transaction, Prodware Group has also raised a new senior bank debt facility of EUR29m, which together with the new bond issue enabled the Group to refinance its pre-existing debt (bank and bonds) and to finance its external growth plans.
Novo 2, a fund designed to support France’s economic growth, was set up by the CDC and 27 insurance companies. Its main purpose is to provide loans to growing small and medium-sized companies by directing available savings towards financing their innovation and expansion. Since its official launch in October 2013, Novo 2 has invested more than EUR315 million in 17 issuers with an average maturity of 6.5 years.
