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TIKEHAU IM finalises 9th private debt transaction in 2015

The private debt team of Tikehau IM acted as sole arranger and provider of financing for the proprietary primary LBO of the Belgium company, Pennel & Flipo Sprl by IDI and Cabestan Capital. 

Tikehau IM arranged and financed the tailored unitranche facility for this acquisition.
 
Pennel & Flipo Sprl represents the ninth transaction to-date in private debt by Tikehau IM and the 5th transaction for the Tikehau Direct Lending III Fund. The private debt team of 18 professionals, led by Cécile Mayer-Lévi and Jean-Baptiste Feat, has local deal flow teams in Paris, Brussels, Milan and London. This coupled with their recently raised European CLO (EUR354m), senior loans expertise and high yield research team, gives Tikehau Group a deep insight into the European debt market.
 
Founded in 1924 and based in Mouscron in Belgium, Pennel & Flipo Sprl (www.orca.eu) designs, manufactures and distributes technical fabrics worldwide under the trade name ORCA®. ORCA coated fabrics are well recognized for applications in marine, railways, aeronautics and defense industries.
 
Technical fabrics ORCA  of Pennel & Flipo Sprl are available in more than 250 references to manufacture among other, buoyancy tubes for Rigid Inflatable Boats (RIB) for leisure and professional use, rafts, hovercraft skirts, train gangways, permanent and mobile oil spill booms, flexible tanks for civil and military applications.
 
Highly recognised for its operational excellence, Pennel & Flipo Sprl employs 88 people in 5 countries (Belgium, USA, Italy, Russia et China) and generated over EUR30 millenium revenues in 2014, of which over 80% outside of France and Belgium, mainly in Europe, Asia and Americas.
 
Emmanuel Capriglione, President Pennel & Flipo Sprl, says: “Thanks to the trust of our clients, Pennel & Flipo Sprl has developed coated fabrics to gain new markets. With the support of IDI, Cabestan and Tikehau, we will continue to develop innovative and performing products”.
 
Cécile Levi-Mayer (pictured), Co-Head of Private Debt of Tikehau IM, says: “We are delighted to have been selected as sole partner on this financing of Pennel & Flipo Sprl, a Belgium company with strong and proven management team, excellent market share and exciting international development plans, alongside two highly reputable investors.   We thank Pennel & Flipo, IDI and Cabestan Capital for their trust”.
 
Julien Bentz, Partner IDI, adds: “Pennel & Flipo Sprl is a successful European SME with an international footprint. We are very pleased to join forces with the management team. IDI along with our co investor Cabestan and the support of Tikehau with a tailor made financing will pursue and help Pennel & Flipo Sprl accelerate its expansion strategy”.
 

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