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.
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.”
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Jurij Puth is a Managing Director with GSO Capital Partners. He is based in Frankfurt and is leading GSO’s origination and execution efforts for the German speaking region. He is involved in various performing and distressed investments, including direct financing, secondary trading, and portfolio purchases, across various target sectors.
Before joining GSO Capital Partners in 2006, Mr. Puth was an analyst at Credit Suisse European Financial Sponsors Group in London.
Mr. Puth holds a Master of Science in international management, specialized in Finance and Accounting from Cass Business School in London, as well as a Diplôme Grand Ecole and a Diplom Kaufmann (German and French equivalents) from ESCP-EAP, Paris and Berlin. He is fluent in English, German and French and has intermediate knowledge of Spanish.
Mark is a founding member of BlueBay’s Direct Lending strategy. BlueBay’s Direct Lending business provides senior and subordinated debt solutions to financial sponsors and mid-sized European businesses. Prior to joining BlueBay in 2011, Mark was a Vice President at Lehman Brothers/Nomura in the Acquisition & Leveraged Finance group. Before 2008, Mark worked in the Mergers & Acquisitions Group of Lehman Brothers in Frankfurt where he developed a network of relationships with corporate clients and intermediaries. Mark received a degrees in Business Administration from the University of Passau, Germany in 2004 and a degree in Economics from the London School of Economics and Political Science in London in 2002.
Patrick joined Alcentra in 2013 as a senior member of the Direct Lending team. Patrick is responsible for sourcing and execution of private debt investments with a focus on German speaking Europe. Before joining Alcentra he worked at Beechbrook Capital a midmarket Mezzanine Fund. Prior to that Patrick worked at Citi Private Equity and in Credit Suisse’s investment banking division. Patrick graduated from Cass Business School with a BSc. in Business Studies in 2004.