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Direct Lenders Gaining Ground in Germany?

Alternative lenders have positioned themselves as a compelling new financing source in the German LBO market with plenty of firepower for deals.

Yet in a banking market driven by longstanding corporate relationships, banks have defended their market position, leaving debt funds to specialise on more complex credits. Some of Germany’s top debt funds will talk about their recent transactions in the panel ‘Are direct lenders gaining ground in Germany?’ where we will be asking what the outlook is for institutional lenders. The discussion features expert views from GSO, EQT, BlueBay, Alcentra and Noerr. We asked a selection of the speakers to profile their most recent deals in Germany to offer a flavor of their business.


“In November 2016 GSO committed €340m for the refinancing of HCS Group, a portfolio company of H.I.G. Capital. GSO and H.I.G. tailored the financing specifically to the needs of the Company and designed a debt package that combined elements and terms of a LBO loan with those of a bond financing.”


“Bluebay closed two of the largest transactions in Germany last year, including the financing to support TPG Capital’s acquisition of Transporeon, the leading provider of cloud-based business network and connectivity solutions for the logisitic industry. BlueBay also provided the refinancing of Prospitalia, Germany’s leading GPO for hospitals, rehabilitation centres and nursing homes.”


“In January 2017, Alcentra provided financing to a buyer consortium for the acquisition of arwe group. Alcentra was the incumbent lender following a refinancing of the business in 2014 when Alcentra provided a flexible unitranche to replace a more traditional bank financing structure. The new upsized investment replaces Alcentra’s existing unitranche with an investment from the second generation fund allowing for further growth in the business and highlighting how Alcentra can remain a financing partner to its portfolio companies over an extended relationship and across multiple owners.”

Hannah Ogunlowo Speakers Acuris

Hannah is responsible for speakers and event programmes at Acuris. She leads content for Debtwire's European fixed income events and Mergermarket's M&A events in Italy, Germany, MENA, UK and South Africa.

Hannah Ogunlowo Speakers Acuris

Hannah is responsible for speakers and event programmes at Acuris. She leads content for Debtwire's European fixed income events and Mergermarket's M&A events in Italy, Germany, MENA, UK and South Africa.

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