Kartesia completes the first investment from its new senior debt opportunities fund with the recapitalisation of CC Group in Germany
Kartesia is proud to announce the completion of its first investment from Kartesia Senior Opportunities I (KSO I), the newly raised senior-lending fund, with the recapitalisation of CC Group, a portfolio company of Novum Capital, the Frankfurt-based independent investment firm.
Headquartered in Krefeld, CC Group is the leading German waste slag and filter dust operator for waste incineration plants. It operates four well-positioned and state of the art sites with modern and partly proprietary processing capabilities and an unparalleled storage capacity for slag, as well as best-in-class access to slag and filter dust disposal routes.
Kartesia was approached by DC Advisory, who were advising Novum Capital in selecting the right financial partners for both sponsor and company, to consider a recapitalisation of CC Group. The final deal structure offers a comprehensive solution supporting Novum’s aim to allow for acquisitive growth in a fragmented market. Kartesia has arranged a €51m financing package comprising term loans and a capex facility as well as super-senior working capital lines, which are provided by Deutsche Bank. Kartesia’s deal team included Thomas Pöhler, who is heading Kartesia’s direct lending efforts in the DACH region, and Toon Van Coillie.
Felix Homann, Partner at Novum Capital, said: “We are very pleased to have found two outstanding financial partners in Kartesia and Deutsche Bank, both of whom are committed to supporting the continued growth of CC Group.”
Dieter Kersting, CEO at CC Group commented: “With Kartesia and Deutsche Bank we now have a sophisticated financing package in place that perfectly addresses our industry-specific needs and strengthens our market position as the leading independent speciality waste management company for incineration slag and filter dust.”
Daniel Gebler, Managing Director at DC Advisory added: “Kartesia offered a very attractive financing package from the beginning of this competitive process. Thomas and his team adopted a committed and pragmatic approach to conclude a financing that not only repays some equity, but also supports the strategy of the firm and the operational financing needs. We are delighted to have worked with Kartesia on its first financing out of its newest fund.”
Thomas Pöhler, Director at Kartesia, commented: “We are delighted to accompany the management team and Novum Capital on their journey to further strengthen CC Group’s market position within Germany over the coming years. The company embodies all of the characteristics we look for in an investment, namely an excellent and committed management team, a leading position in a stable market and a sustainable competitive advantage that is used to better serve its client base.”