Article/Intelligence
MidEuropa-Backed Intive Secures About €100M Debt Financing From Arcmont, Existing Lender Bank Pekao
Relevant Document: Financial Statement FY‘21 (in German) German IT software services provider Intive Group GmbH has secured about €100 million financing from Arcmont Asset Management and Poland-based Bank Pekao to refinance existing debt, sources told Reorg. MidEuropa launched Intive’s refinancing at the start of the year after pulling the sale of the group in December 2022, as reported. Polish advisory boutique Gamut advised on the debt process. Bank Pekao was already an existing lender to the group. Intive was marketed off EBITDA of about €30 million in 2022 and MidEuropa projected that the group will generate an EBITDA of about €40 million in 2023. The group reported €9 million of EBITDA and €21 million of normalized EBITDA in 2021. Revenue came to €124.2 million in 2021, a 39% increase on the €83.1 million generated in 2020. Intive had bank loans of €98.9 million as of the end of 2021 compared with €61.1 million as of the end of 2020, according to the group’s 2021 accounts. Cash on hand amounted to €14.7 million as of Dec. 31, 2021. MidEuropa acquired Intive in a leveraged buyout for about €100 million in early 2019, according to a statement at the time. The group[...]