Article/Intelligence
Trackunit Final Bids Due Next Week; Bidders Request $500M Debt Package With $100M Acquisition Facility
Reporting: Oscar Laurikka, Leanna Reeves
Final bids for Hg-backed Danish construction software company Trackunit are due Monday, Dec. 16, sources told Octus, formerly Reorg.
Cinven and Goldman Sachs Asset Management are the remaining bidders in the process, as reported.
Lenders are working on financing proposals to support the bids, sources said. The sponsors have requested around $500 million of debt financing plus an additional $100 million acquisition facility, which equates to around 8x the company’s cash EBITDA for 2024 of $62 million, sources said.
Pricing on a unitranche club deal is likely to fall at around 500-525 basis points over the base rate, the sources added.
SMBC and Park Square are incumbent lenders, as reported. The existing facilities total around €305 million, sources said.
The business has achieved total revenue growth of 15% between 2022 and 2025 and ARR growth of 22%, sources said. It is marketed off cash EBITDA of $62 million from revenue of $188 million, of which $121 million is ARR for 2024, the sources added.
The business is expected to continue to grow at an increasing rate in the coming years, with total revenue growth of 21% and total ARR growth of 25% projected between 2025 and 2029, sources said. EBITDA growth is expected to hold steady at around 30% for the same period, the sources added.
Lenders are scrutinizing Trackunit’s customer concentration, as the top 10 customers make up around half of its revenue. However, the company tends to have long relationships with large customers, which somewhat mitigates this risk, the sources added.
The sponsor could be seeking a valuation multiple of between 25x to 30x the company’s EBITDA, as reported, with sellside advisor Evercore looking to close the deal before Christmas.
Evercore did not respond to a request for comment at the time of publication.
This publication has been prepared by Octus, Inc. or one of its affiliates (collectively, "Octus") and is being provided to the recipient in connection with a subscription to one or more Octus products. Recipient’s use of the Octus platform is subject to Octus Terms of Use or the user agreement pursuant to which the recipient has access to the platform (the “Applicable Terms”). The recipient of this publication may not redistribute or republish any portion of the information contained herein other than with Octus express written consent or in accordance with the Applicable Terms. The information in this publication is for general informational purposes only and should not be construed as legal, investment, accounting or other professional advice on any subject matter or as a substitute for such advice. The recipient of this publication must comply with all applicable laws, including laws regarding the purchase and sale of securities. Octus obtains information from a wide variety of sources, which it believes to be reliable, but Octus does not make any representation, warranty, or certification as to the materiality or public availability of the information in this publication or that such information is accurate, complete, comprehensive or fit for a particular purpose. Recipients must make their own decisions about investment strategies or securities mentioned in this publication. Octus and its officers, directors, partners and employees expressly disclaim all liability relating to or arising from actions taken or not taken based on any or all of the information contained in this publication. © 2025 Octus. All rights reserved. Octus(TM) and the Octus logo are trademarks of Octus Intelligence, Inc.