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Hg in Talks With Direct Lenders to Upsize Septeo Debt Facility to Around €1B to Support STP Bolt-On Acquisition
Hg is in talks with direct lenders including Blackstone and Goldman Sachs to upsize the debt package of its French software company Septeo to around €1 billion to support its acquisition of German legal technology business stp.one and refinance debt among others, sources told Octus.
The proposed debt package levers the business at 6x its structuring EBITDA of €180 million and will carry a margin of 450 bps over Euribor with a 99 OID, the sources said.
Septeo’s EBITDA was at €150 million before the acquisition, while stp.one generates about €30 million of EBITDA, the sources said.
Stp.one is a European legal technology software provider backed by BU Bregal Unternehmerkapital and Maguar Capital Management.
Stp.one employs over 400 people across 12 locations and serves more than 8,000 customers including law firms, insolvency administrators and corporate legal departments.
Septeo, one of France’s top 10 software groups, has 3,200 employees and expects to generate €460 million in annual sales in 2025. Hg Capital acquired a majority stake in Septeo in November 2020, according to a press release; GIC and Tethys Invest joined as minority shareholders in November 2024, as reported.
Blackstone and Septeo declined to comment. GIC, Goldman Sachs, Hg Capital and Tethys Invest did not respond to Octus’ request for comment by the time of publication.
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