H.I.G. WhiteHorse Europe, a credit affiliate of global investment firm H.I.G. Capital, has co-arranged a new €450 ($486.9) million financing package for Astek.
In 2021, H.I.G. WhiteHorse Europe acted as the sole arranger of a €170 ($184) million financing package used to refinance the group’s existing loans and provide additional capital for growth. Having reached its business goals two years ahead of schedule, Astek is further strengthening its financial resources to support its plans of continued growth through the new senior-secured financing package. Additionally, Astek has welcomed its long-term investor, Intermediate Capital Group (ICG), as a strategic partner. ICG provided an additional €110 ($119) million in equity financing to the group.
“H.I.G. has been our partner since 2021, and I would like to thank them for their renewed confidence,” Jean-Luc Bernard, founder and chairman of the supervisory board of Astek, said. “The trust that has been built with H.I.G. has further strengthened the group and Astek is now well-positioned for continued growth and profitability.”
“Thanks to our partnership with H.I.G., we have had a very successful growth trajectory, reaching our objectives two years ahead of schedule,” Julien Gavaldon, CEO of Astek, said. “We are determined to continue growing the Group, with the goal of exceeding €1 billion of turnover before 2027. H.I.G.’s renewed confidence in Astek, coupled with our new strategic partnership with ICG, positions us among the global leaders in digital transformation and technology consulting.”
“Astek is a remarkable company, led by a high-quality management team, and we are grateful for their renewed trust in H.I.G. WhiteHorse Europe,” Pascal Meysson, head of H.I.G. WhiteHorse Europe, said. “We are excited to continue supporting Jean-Luc Bernard, Julien Gavaldon, and Astek’s 8,400 employees as they embark on this exciting new phase of development.”
“We deeply appreciate the renewed confidence shown by Jean-Luc Bernard and Julien Gavaldon in H.I.G. WhiteHorse Europe,” Charles Bourgeois, managing director at H.I.G. WhiteHorse Europe, said. “Over the past years, Astek has achieved remarkable and consistent growth, establishing itself as a prominent global player. Its impressive market share gains, driven by approximately 20% organic growth (significantly exceeding market expansion) and a well-managed buy-and-build strategy, are a testimony to its success. We are delighted to continue supporting Astek as it embarks on this new chapter of development.”
