H.I.G. WhiteHorse, a credit affiliate of global investment firm H.I.G. Capital, arranged a financing package for Groupe Astek. The package includes a growth capital component.
Founded in 1988 and still controlled by its founder, Jean-Luc Bernard, Astek is a French engineering and IT consulting specialist. It is headquartered in Boulogne-Billancourt, France, and has more than 500 employees operating in 17 countries. Led by Julien Gavaldon as CEO since 2013, the group has grown through a mix of organic and external growth, with six targeted acquisitions completed over the past two years.
H.I.G. WhiteHorse arranged a €170 million ($200 million) financing package, which Astek will use to refinance existing indebtedness, finance the buy-out of several minority shareholders and provide additional capital to finance growth, supporting the group’s expansion, especially through its active buy-and-build strategy. H.I.G. WhiteHorse, through some of its affiliates, acted as the sole arranger.
“With this financing, Astek will continue to build upon its strong performance to reach its billion-dollar turnover target,” Bernard, who is the founder and chairman of the supervisory board of Astek, said.
“I would like to thank H.I.G. for their confidence in helping us reach this new milestone in the development of Astek,” Gavaldon said. “Based on the skills and commitment of our teams, we plan to keep up the momentum, driven by our ability to innovate and support our customers in their digitalization efforts.”
“Astek has grown significantly in recent years, including in 2020, despite the COVID-19 crisis,” Pascal Meysson, head of H.I.G. WhiteHorse Europe, said. “Today, Astek is well-positioned in a market with strong growth prospects, driven by an increasing need for digitalization among businesses and a fragmented market that continues to consolidate. We are excited to contribute to the future success of the group with our tailored financing.”
