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KKR in Talks to Raise Unitranche Financing to Support Techone Buyout After All-Equity Bid Wins Auction
Private equity firm KKR is in talks with direct lenders to provide unitranche financing to support its acquisition of Dutch IT services business Techone, sources told Octus.
Funds managed by KKR will acquire Dutch private equity firm Nedvest’s majority stake in Techone, as reported. The sponsor initially paid all equity with plans to raise financing later, sources said.
Incumbent Barings is likely to remain a lender in the group, sources said, with one noting that it pitched a unitranche of about €300 million priced at around 525 bps over the reference rate.
However, KKR will likely club the deal between three or four lenders, a source said.
Sell-side advisor William Blair was marketing the group off full-year pro forma EBITDA of €50 million, as reported.
In 2021, Barings provided facilities to refinance Techone’s bank debt, as reported. The facilities included a unitranche of between €70 million and €100 million.
As of Nov. 6, Barings holds part of Techone’s first lien debt, with a margin of Euribor+5.4%, in its BDC portfolio, according to Octus’ BDC Database.
Techone is a managed IT, cloud, cybersecurity, connectivity and infrastructure provider.
The group will continue to be led by its existing management team, with CEO and founder Coert Coomans remaining in his role.
Barings and KKR declined to comment.
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