11/02/2020 - News

Clearwater International’s European Debt Advisory team raises in excess of €5.3bn of debt finance during 2019

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The European Debt Advisory team at mid-market advisory firm Clearwater International raised in excess of €5.3bn in debt finance during 2019 and for the fifth year running saw a rise in deal volume, increasing transactions by over 10%.

The strength of our team is recognised across the various territories we operate in

The team completed a total of 43 transactions across Europe with debt finance raised during 2019 almost tripling on amounts raised in 2018. This debt was utilised by European businesses to support acquisition activity, refinance existing debt facilities, re-align capital structures and just as importantly, support organic growth.

Following the successes of the team and an ever-increasing demand for their bespoke services, Clearwater continued to invest in recruitment across Europe with two new recruits and two senior promotions during the year.

The UK team experienced an exceptional year with key deals for the team including advising Daisy Group on the second phase of its recent refinancing with Ares, in which the debt package consisted of over €1bn of debt facilities and was one of the largest private credit financings in Europe.

The European Debt Advisory team have had an exceptional year.

The UK team also structured an innovative Australian holdco loan of over €90m to assist ASX-quoted PSC Insurance Group’s refinancing of its UK subsidiaries. The facilities provided by Barings in the UK also financed the acquisition of two new specialist insurance broking businesses and provide a war chest for further acquisitions.

The German team have also seen key successes during 2019 including advising Oiltanking GmbH, a subsidiary of the Marquard & Bahls AG group, on a €1.5bn comprehensive refinancing and also advising Avedon on raising finance to support the acquisition of Hauck, a leading European nursery products brand. The French team also experienced an increasing debt advisory transaction calendar, including advising Sogaris, the urban logisitics leader for the Greater Paris area, on a €217m drawable structured facility.

The continued positive lending environment in the mid-market means there is a range of debt solutions and structures available to corporates. An influx of new lenders have entered the market over the past 10 years which has created a competitive environment with deep liquidity. This has helped fuel the growth of specialist debt advisory as clients demand more innovative debt solutions to meet strategic aims and transaction requirements.

“The European Debt Advisory team have had an exceptional year. The team has continued to grow and the demand for debt financing is spreading wider across our European offices year on year. This is assisted by the diverse lending environment we have experienced over recent times and the quality of service and pragmatic advice delivered to our clients. The strength of our team is recognised across the various territories we operate in, giving us confidence to continue to invest in fresh locations across Europe. We are experiencing year on year growth in activity with 2020 already looking very encouraging.” Mark Taylor, Partner and International Head of Debt Advisory

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