Dear Limited Partners, dear Friends
Kartesia just celebrated its first anniversary.
Much has been accomplished in such a short timeframe and yet a lot more is still to be achieved. In this context, the team thought it was a good time to launch “Insight Kartesia”, our bi-annual newsletter.
Kartesia’s first anniversary is an opportunity for us to look back to what we have accomplished in twelve months, thanks to our tremendous team and to the support of our cornerstone investors, LPs and friends. We definitely look forward to what we will build together in the coming years!
TRANSACTION N°1 – HMY
In September 2013, shortly after its creation, Kartesia approved an investment in HMY’s LBO senior debt. With total sales of over 400€ million in 2013, this company headquartered in France is amongst the leaders in shelving equipment, checkout counters and point-of-purchase material. HMY provides its clients with worldwide services ranging from, conception and design, to in-store installation.
Given the prevailing market conditions, refinancing negotiations are often a clear inflection point in our borrowers’ credit story. From our experience, secondary debt purchase from historic lenders seeking a way to exit is often a fruitful option. The way we see our job as an innovative credit platform is to do our best to provide our borrowers with the right solutions at the right time.
Kartesia Advisors welcomes a new institutional investor to Kartesia Credit Opportunities I (“KCO III”), putting the total size of the fund at 415 million euros. KCO III’s investors are mainly based in Europe and in North America. Institutional investors account for over 96% of Kartesia’s LPs.