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Insight Kartesia N°11

A positive exit strategy

Ordinarily we dedicate the bulk of these newsletters to the exciting investments we’re making and provide you additional detail on the businesses that we are working with and supporting. On this occasion we wanted to focus on the other end of the spectrum and update you on some of the successful divestments we’ve made in recent months, which further demonstrate that Kartesia, being one of the leading provider of credit solutions for SMEs across Europe, can extract better risk adjusted value than its peers.

In the second half of this year, we announced exits from two ”proprietary” portfolio companies - Vitaldent and Eight Advisory – both of which were able to benefit from our flexible financing solutions and approach. In both instances we worked closely with the businesses to ensure that they were well equipped for on the next stage of their growth trajectory after continual engagement with both management teams.

In the case of Eight Advisory, Kartesia invested in March 2017alongside the company’s founding partners in support of the group’s development. Since then, Eight Advisory has further expanded into new geographies, namely the UK, Belgium and Germany. The group has also expanded its services offering with the addition of data & digital and legal services, amongst others, and labelled Kartesia’s support as “essential for our continued growth”. EBITDA more than doubled over an investment period of just over two years.

Acquired in November 2016 by JB Capital Markets, Vitaldent has recovered the leading position in the market thanks to its ability to restore confidence in its patients, dentists, suppliers and employees, provide financial stability and strengthen management capabilities at every level. The investment of Kartesia in 2018 contributed to strengthening the capital resources of Vitaldent by providing additional funding for growth, which has proven to be a key driver for the successful exit to Advent. Thanks to its well-designed buy & build strategy, EBITDA doubled over the investment period of just over one year.

In November, our leading position in the market was recognised at the Alt Credit Intelligence European Awards, where Kartesia won for Direct Lending Fund – Niche Lending. Kartesia was selected over 10 competitors with similar strategies and experience based on our risk-adjusted performance, a great endorsement of the dedication and hard work of the whole team.

We are not just focused on exits this time around though and are pleased to provide an update on our investment in CC Group, the first investment from our KSO I fund, as well as further activity in the senior space with the increasing investment in Compañia del Trópico. We are also delighted to tell you about the strengthening of our climate commitments, which is extremely important to us as we look to develop our ESG framework.

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