Article
Direct Lenders Unlikely to Beat Portable Staple Financing Package for Van Vulpen as Handful of PE Firms Shortlisted
Direct lenders are unlikely to offer better terms than the portable staple financing package levering Dutch underground energy infrastructure provider Van Vulpen at about 5x its EBITDA of €90 million, sources told Octus.
Bridgepoint and Goldman Sachs provided the portable financing package priced at about 525 bps over the reference rate last year, sources said. Direct lenders are unlikely to be able to offer better terms so some have declined to take part in the process altogether, a source added.
Apollo, BC Partners, Goldman Sachs Asset Management, Macquarie, Permira and TowerBrook Capital Partners submitted nonbinding offers to sell-side advisor Emendo Capital for the sale of Van Vulpen on March 20, sources said. BC Partners, Goldman Sachs, Macquarie and Permira were shortlisted in recent days, a source added.
Sponsor Waterland has lined up a portable dividend recapitalization trade on Van Vulpen, as reported.
Waterland acquired Van Vulpen from Mentha Capital in 2023, according to a press release.
Van Vulpen provides underground infrastructure for the electricity, gas and water industries, according to Waterland’s website.
Founded in 1966, the company employs about 1,000 people across the Netherlands, according to its website.
Apollo, BC Partners, Bridgepoint, Goldman Sachs Asset Management, Macquarie, Permira and TowerBrook Capital Partners declined to comment. Goldman Sachs did not respond to a request for comment.
Disclosure: Funds associated with Permira hold a majority interest in the parent company of Octus.
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