Bridgepoint Preempts NMi Through Its BDC Fund; Unitranche Pitched at 4.75% Cash Margin, 1% Fees

Bridgepoint has preempted the auction of Dutch testing, inspection and certification, or TIC, provider NMi, sources told Octus, formerly Reorg.

The U.K.-based private equity firm’s business development company, or BDC, fund is to acquire NMi for an enterprise value of just under €300 million, sources said. NMi is marketed off EBITDA of around €15.5 million by sell-side advisors Houlihan Lokey and Rothschild, as reported.

The deal is likely to be financed with a unitranche facility after direct lenders pitched financing with a 4.75% cash margin and 1% fees, sources said.

Leverage was pitched at up to 6x after incumbent lender Investec agreed to provide staple financing at 5.5x last month, as reported.

Levine Leichtman Capital’s EU II fund acquired NMi in October 2020.

NMi is a TIC provider primarily for clients in the weighing, utilities, mobility and oil and gas industries, which are seeking EU certification, according to its owner’s website.

Founded in 1937, the company is headquartered in Delft, the Netherlands.

Rothschild declined to comment. Bridgepoint and Houlihan Lokey did not respond to requests for comment by time of publication.