Article
Travelsoft Plans €225M Unitranche Refi Alongside €100M ACF Raise With Incumbent Tikehau as Auction Proceeds
Capza-backed and primarily founder-owned French travel software company Travelsoft is in talks with direct lenders, including incumbent Tikehau Capital, to refinance its existing debt and reload its M&A financing capacity with a €225 million unitranche, alongside a €100 million acquisition facility, according to sources.
The seven-year direct lending deal is expected to carry a margin between 575 bps and 625 bps over Euribor, sources said. The debt offering comes as the company is looking for a new minority financial partner to support its expansion, they added.
Sell-side advisor Cambon Partners has released information memoranda for the sale of Travelsoft, with a target valuation of more than 20x of the group’s EBITDA, implying an enterprise value of around €1 billion, as reported.
The group is on track to generate about €50 million of EBITDA in the financial year of 2025 and €125 million in sales, sources said. Travelsoft’s opening total net leverage ratio stands at 4x, based on the latest FY’25 pro forma EBITDA, which includes two recent acquisitions. Its average free cash flow conversion is around 65%, while the cash EBITDA margin is 40%.
Travelsoft’s recent acquisitions include ProQuest Computersysteme, the company behind AirQuest, a high-performance flight fulfillment solution used by major German tour operators and high-volume travel players across Europe.
Travelsoft has a recurring business model based on fixed monthly license fees and monthly transaction-based commissions, one source noted. Its revenue CAGR was over 19% during FY’23 to FY’25.
Capza and Tikehau did not respond to a request for comment at the time of publication.
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