Trackunit Final Bids Due Next Week; Bidders Request $500M Debt Package With $100M Acquisition Facility

Reporting: Oscar Laurikka, Leanna Reeves

Final bids for Hg-backed Danish construction software company Trackunit are due Monday, Dec. 16, sources told Octus, formerly Reorg.

Cinven and Goldman Sachs Asset Management are the remaining bidders in the process, as reported.

Lenders are working on financing proposals to support the bids, sources said. The sponsors have requested around $500 million of debt financing plus an additional $100 million acquisition facility, which equates to around 8x the company’s cash EBITDA for 2024 of $62 million, sources said.

Pricing on a unitranche club deal is likely to fall at around 500-525 basis points over the base rate, the sources added.

SMBC and Park Square are incumbent lenders, as reported. The existing facilities total around €305 million, sources said.

The business has achieved total revenue growth of 15% between 2022 and 2025 and ARR growth of 22%, sources said. It is marketed off cash EBITDA of $62 million from revenue of $188 million, of which $121 million is ARR for 2024, the sources added.

The business is expected to continue to grow at an increasing rate in the coming years, with total revenue growth of 21% and total ARR growth of 25% projected between 2025 and 2029, sources said. EBITDA growth is expected to hold steady at around 30% for the same period, the sources added.

Lenders are scrutinizing Trackunit’s customer concentration, as the top 10 customers make up around half of its revenue. However, the company tends to have long relationships with large customers, which somewhat mitigates this risk, the sources added.

The sponsor could be seeking a valuation multiple of between 25x to 30x the company’s EBITDA, as reported, with sellside advisor Evercore looking to close the deal before Christmas.

Evercore did not respond to a request for comment at the time of publication.