H.I.G. European Capital Partners France SAS
2 rue Lord Byron
T +33 1 53 57 50 60
F +33 1 53 57 50 89
Ecore Completes €255 Million Senior Secured Notes Offering
PARIS – December 3, 2018 – H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with over €26 billion of equity capital under management, is pleased to announce that its portfolio company Groupe Ecore (“Ecore”) successfully completed a high-yield bond placement. The Group issued €255 million in senior secured floating rate notes, with Barclays acting as sole bookrunner.
Established in 1993, Ecore is a leading player in the French metal recycling market. It employs over 1,400 people and recycles and sells 3.7 million tons of materials each year, including more than 3.0 million tons of ferrous metals. Ecore manages all stages of the recycling chain, from waste collection to processing, transport, and sale of recycled products. In 2017, Ecore generated revenue of €1.3 billion.
H.I.G. acquired a significant stake in Ecore in 2017 to support the Group in its new phase of development, alongside the Dauphin family and management team.
Olivier Boyadjian, Managing Director at H.I.G. Capital commented, “We are thrilled by the success of this operation, which demonstrates the confidence of investors in the company and its prospects, especially in the current difficult market conditions. Ecore is well placed to continue building on its success, and we look forward to further supporting Ecore and its management team. Ecore is a good example of H.I.G.’s value-added investment strategy in Europe.”
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over €26 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of €28 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.