Cerea Dette II takes part in the senior acquisition financing of Babcock Wanson
On July 8, 2021, Cerea Dette II invested in the senior acquisition financing of Babcock Wanson, on the occasion of the group's takeover by Kartesia from FCDE.
Founded in 1896, Babcock Wanson ("BW") is a European leader specializing in industrial heating equipment and solutions, designed in particular for the food & beverage sector which accounts for 40% of the group’s turnover.
The group benefits from a unique European positioning thanks to (i) the design and manufacture of a complete range of boilers and burners designed for small and medium-sized industrial installations, (ii) a one-stop-shop solution combining equipment and services (installation, maintenance, rental, etc.) provided through a network of 200 technicians dedicated to customers, and (iii) a presence in 8 countries, with BW positioned among the market leaders in half of these (# 1 in France, # 2 in Italy, # 3 in Belgium and # 4 in the UK).
BW has enjoyed significant growth in recent years thanks to sales development in Italy and the United Kingdom, the expansion of its service business in France, and the dynamism of its end markets, supported in particularby a favourable regulatory framework regarding energy efficiency. BW is a key player in improving the energy efficiency of production linesand offers its customers numerous optimization solutions.
Against the backdrop of industrial players increasingly seeking to derive energy savings, BW plans to continue its strong development through both organic and external growth in Europe in order to expand its service offering.
Thanks to its thematic expertise and its good understanding of the company’s dynamics, Cerea Partners was selected by the management and the shareholders to underwrite a significant portion of the tranche C in the form of a loan grant.