We have advised Astek on its €200m unitranche financing arrangement from H.I.G. WhiteHorse to accelerate growth and continue strategic acquisitions.
Astek announces a new step towards achieving its development goals with the signing of a €200m unitranche financing arrangement from H.I.G. WhiteHorse, as well as the participation of the management team in the capital structure, alongside the founder and other directors. Access to new financial resources will support the company’s external growth plan and its targeted development goals.
Astek has been supporting companies with their major technological challenges for 30 years, pioneering a distinct approach of combining engineering, outsourced R&D, digital technologies, and information systems. These activities have become essential to effectively meet the challenges of digital transformation of Astek’s clients and are driving its growth momentum. Beyond its strong organic growth, the group made six targeted acquisitions over the past two years, thereby strengthening its global geographical footprint, expertise, and service offering.
While maintaining a sustained and steady organic growth of over 10% per year, Astek will accelerate its development in North America, Europe, the Middle East, and Asia as well as be a leading player in the consolidation of the sector across these regions. Astek targets a revenue of €360m in 2021, aims to exceed a revenue milestone of €500m by 2024 whilst maintaining its EBITDA margin above 10%, as per its strategic plan “Ambition 2024”.
H.I.G. WhiteHorse is the arranger of this unitranche issuance, an attractive, flexible and tailored financing structure to effectively support the development of Astek. AXA IM Alts will also participate in this unitranche issuance alongside H.I.G. WhiteHorse.
