Avedon Capital Partners
RAISING FINANCING WITH MUZINICH & CO. TO FACILITATE THE ACQUISITION AND BUY-AND-BUILD OF SALVES
- In June 2022, Avaxa was appointed by Avedon Capital Partners to assist it in raising acquisition financing for the acquisition of Salves;
- Salves supports to realize the business goals of their customers by increasing the quality of IT through innovative software test solutions. Salves offers software and advisor services to a variety of industries. Clients include Rijkswaterstaat, the Dutch Tax Authority (‘Belastingdienst’) and the Dutch Railways;
- Avedon is an independent Dutch investment firm focused on medium-sized growing companies (€25m - €250m enterprise value), active in Business Services, Software & Technology, Consumer & Healthcare and Smart Industries, and headquartered in the Benelux or DACH;
- Salves has grown continuously in recent years and with Avedon this growth will be accelerated through a combination of organic growth and an acquisitive strategy;
- Avaxa has run a so-called 'dual track' financing process for Avedon in which both traditional (bank) lenders and credit funds have been approached. For potential financiers, Avaxa has prepared an information package including bank presentation, financial base case model, Request for Proposal and Head of Terms;
- After a competitive process, credit fund Muzinich & Co. has provided an acquisition financing package on very attractive and flexible conditions. Part of the financing structure is a significant and flexible committed acquisition line, which ensures Avedon has sufficient firepower to act quickly when interesting acquisition opportunities arise; and
- The financing was closed in September 2022.
