Asset management firm Barings acted as mandated lead arranger of a senior secured credit facility to support the refinancing of Battery Ventures‘ portfolio company Forterro.
Forterro is a group of European specialized enterprise resource planning (ERP) software companies serving a diverse set of small- to medium-sized enterprises across a variety of sectors. The company will use the credit facility to refinance existing debt and to fund the acquisition of BPSC, a Polish provider of ERP software solutions for manufacturing, wholesale and retail customers.
“Battery Ventures appreciates the contributions of Barings’ European private finance team in supporting Forterro on these strategic growth initiatives,” said Morad Elhafed, partner at Battery Ventures. “The experience and depth of the Barings team enabled it to deliver a complex multi-currency credit facility on a tight timetable.”
“Barings is very pleased to partner with Battery Ventures to help Forterro optimize its financing structure and continue to execute its growth strategy with the investment in BPSC,” said Mark Wilton, a managing director at Barings. “Forterro represents an attractive risk/return opportunity based on the highly integrated and mission-critical nature of its software products within its customers’ businesses, its strong recurring revenue and profitability model and its high cash generation.”
Headquartered in London with offices in Charlotte, NC, Barings is a $271 billion global asset management firm.