Article
Castik Withdraws Global Gruppe Auction After Nonbinding Offers
Sponsor Castik Capital has withdrawn the sale process for its German insurance broker portfolio business Global Gruppe following indicative bids from a number of PE firms, sources told Octus.
EQT, PAI and Stonepeak were among the private equity firms bidding for the company, sources said. The vendors are looking for an enterprise value of around €2 billion, as reported.
Houlihan Lokey and Morgan Stanley were advising the seller, as reported.
The sponsor could now explore refinancing or recapitalization options, sources said, as direct lenders were pitching unitranche and PIK debt packages up to 7.5x the company’s roughly €120 million EBITDA, as reported.
BlackRock has previously provided credit facilities to support Global Gruppe’s buy-and-build strategy, as reported. As of Dec. 31, 2023, the company’s credit facilities totaled €468 million, of which €364 million had been utilized, according to the company’s most recent public accounts.
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Global Gruppe is a commercial insurance broker headquartered in Cologne, Germany. It has grown via acquisitions in recent years and has subsidiaries in Germany, Austria, Switzerland, the Netherlands, Liechtenstein and Spain.
Houlihan Lokey declined to comment. Castik and Morgan Stanley did not return requests for comment.
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