Home Technical Survitec completes £270 million refinancing in private debt

Survitec completes £270 million refinancing in private debt

Global safety solutions leader Survitec announced today that it has completed a £270 million refinancing with funds managed or advised by the Credit Group of Ares Management Corporation (“Ares”), a leading global alternative investment manager.

Ray Leclercq, Survitec’s Chief Financial Officer said, “Successfully concluding this financing demonstrates the confidence we believe that Ares and M&G have in our business. This marks a key milestone for Survitec’s customers, employees, shareholders and other partners.  We completed this financing with an industry leader such as Ares based on the strength of our underlying business, meeting our current performance targets with year-over-year improvement in profitability as well as our growth plans for the coming years.”

“We are pleased to be providing this financing to a global leader in survival and safety solutions. The Survitec management team have been impressive throughout the process and we look forward to supporting them in the next phase of their growth strategy,” said Daniel Sinclair, Partner in the Ares Credit Group, focused on European direct lending.

Survitec’s lead shareholders are Searchlight Capital Partners, a leading global private investment firm, and M&G Investments, an international asset manager.

Rafa Cerezo, Fund Manager at M&G Plc said: “We are delighted to have been able to support Survitec through its refinancing and further participate in the latest refinancing round. Survitec has a strong capital structure and supportive and committed shareholders in M&G and Searchlight, and we believe that these provide the business with the perfect opportunity for future growth.”

Speaking on the successful refinancing, Ralf Ackermann, Partner at Searchlight Capital Partners, the co-controlling shareholder of Survitec, said: “We’re pleased to have worked alongside Survitec’s other major shareholder, M&G Investments, to complete this refinancing, which will position the business well for future growth. We see ample opportunity to further strengthen Survitec’s leading position on the global stage and look forward to continuing our partnership.”

Survitec also recently announced another key element of its long-term growth plans.  In March 2021, the company said it had signed an intent to purchase Hansen Protection, a leading European provider of specialist survival suits and protective equipment.