Barings acted as mandated lead arranger of a senior secured credit facility to support the add-on acquisition of Clip Industrie by Battery Ventures’ portfolio company Forterro.
Forterro is a group of European specialized enterprise resource planning software companies serving a diverse set of small- to medium-sized enterprises across a variety of sectors.
The company used the credit facility to finance the acquisition of Clip Industrie, a French ERP software provider with a focus on SMEs within manufacturing end markets, including aeronautics, boiler makers and other machinery manufacturers.
“Battery Ventures is pleased to partner with Barings once again in supporting Forterro’s continuing growth,” said Morad Elhafed, partner at Battery Ventures. “Barings’ expertise and its familiarity with Forterro’s business allowed it to provide a financing solution that met our needs in a timely manner.”
“Barings is excited about the opportunity to grow our partnership with Battery Ventures while providing the financing Forterro needs to expand its offerings to new and existing verticals,” said Mark Wilton, a managing director at Barings. “Clip Industrie complements earlier acquisitions and strengthens Forterro’s position in the French market. Forterro continues to represent an attractive risk/return opportunity based on the highly integrated and mission-critical nature of its ERP software products within its customers’ businesses, its strong recurring revenue and profitability model, and its high cash generation. We look forward to continuing to support Battery Ventures on Forterro and other future investments.”
Barings is a $280 billion global asset management firm dedicated to meeting the evolving investment and capital needs of its clients.