By Andrei Skvarsky.
A fund run by Permira Debt Managers, an arm of private equity firm Permira, was the sole senior secured lender financing the recent buyout of German information service provider Technogroup IT-Service by pan-European private equity firm Vitruvian Partners.
A Permira Debt Managers announcement of the loan did not disclose the sum that had been lent.
Vitruvian Partners, which mainly specialises in growth buyouts and management buyouts, invests between €25m and €250m ($30.6m to $306.5m) in companies typically valued at between €75m and €750m-plus ($91.9m to $919.4m-plus).
Vitruvian’s current fund is worth €2.4bn ($2.9bn). The company has about €5bn ($6bn) under management.
Besides its headquarters in London, the company has offices in Munich, Stockholm, Luxembourg and San Francisco.
Technogroup has more than 4,000 customers in a wide range of industries, mainly in Germany, Austria and Switzerland. It has its headquarters in Hochheim am Main in western Germany’s Main-Taunus district.
Permira Debt Managers, Permira’s debt investment subsidiary, was set up in 2007 and since then has provided 104 businesses in 12 European countries with more than €4bn (about $5bn). As its parent company Permira, the subsidiary is headquartered in London.
It has been investing in a variety of industries, including publishing, theme parks, cinemas, restaurants, furniture retailers and aerospace, according to information on Permira Debt Managers’ website.
Permira Credit Solutions III (PCSS3), the fund that provided Vitruvian with the loan for buying out Technogroup, closed in June 2017 with investable capital of €2.1bn ($2.6bn), Permira Debt Managers said in its announcement.
Six of the 22 investments that have been made since the fund’s closure were technology-related. More than 65 per cent of the fund was used for the 22 investments, Permira Debt Managers said.