Alantra said April 25 that its private debt team invested 20 million euros ($22.2 million) in Onetime, a logistics company that provides personalized services to large corporations. The investment comes from Alantra´s Debt Fund II, which is seeking to raise 200 million euros.
Alantra Private Debt invests €20 million in logistics company Ontime
- A seven-year bullet loan will support the organic and inorganic growth of Ontime, which plans to acquire two companies
- With more than 1,200 employees and annual sales over €60m, Ontime is one of the leading integral logistics operators in Spain
- This is the second investment from Alantra´s Debt Fund II, which has raised around €170m and expects to reach a final close of €200m
Madrid, 25 April 2019 – Alantra, the independent global mid-market investment banking and asset management firm, today announced that its Private Debt team has completed the second deal from its latest fund after investing around €20m in Ontime, an integrated logistics company providing personalised services to large corporations.
Alantra Private Debt has provided Ontime with a seven-year bullet loan to support the organic and inorganic growth of the company, which plans to acquire two companies. The Company begun an international expansion plan last year after incorporating a logistics centre in Portugal, initially with seven offices.
Founded in 1991, Ontime offers a diversified portfolio of services to its clients, ranging from transport and storage to document management and digital messaging. With more than 1,200 employees and annual sales over €60m, Ontime is one of the leading integral logistics operators in Spain.
This is the second investment from Alantra´s Debt Fund II, which has raised around €170m and expects to reach a final close of €200m by the summer. The fund increased its initial target size from €150m to €200m encouraged by its quick deployment rate as well as by strong investor appetite.
“We expect to complete two more investments from Alantra’s Debt Fund II in the next few weeks. In total, we plan to back between 12 and 15 high-growth mid-sized companies throughout the life of the Fund,” said Luis Felipe Castellanos, managing partner of Alantra Private Debt.
The Firm completed the first deal from Alantra’s Debt Fund II in late February after providing long-term financing of €12m for the leveraged buyout (LBO) of an undisclosed Spanish company in the food sector.
Alantra Private Debt’s second vehicle follows an investment strategy similar to its predecessor, offering attractive returns by providing flexible financing packages to Spain and Southern Europe-based companies. The Fund typically targets companies with revenues of between €25m to €200m and EBITDA of more than €3m.
With tickets of between €5m to €25m, Alantra´s Debt Fund II invests primarily in senior debt (preferred in order of priority payments). This financing is used for capex, acquisitions, refinancing and/or reorganising the shareholding structure of companies.
Alantra´s Debt Fund II has a diversified investor base, including public institutions (European Investment Fund and Spanish Export Development Finance Institution, Cofides), institutional investors (pension funds and insurance companies) as well as family offices. Furthermore, the second fund has greater flexibility to invest in other European jurisdictions than its predecessor.
About Alantra Private Debt
Alantra Private Debt, created in 2014 to promote different debt funds, currently has around 300 million euros in assets under management. With 17 investments and four disinvestments completed so far, Alantra Private Debt is one of the most active private debt firms in the Spanish mid-market.
Alantra is a global investment banking and asset management firm focusing on the midmarket with offices across Europe, the US, Latin America and Asia
Its Investment Banking division employs over 360 professionals, providing independent advice on M&A, debt advisory, financial restructuring, credit portfolio and capital markets transactions
In Asset Management, Alantra offers its clients unique access to a wide range of investment strategies (direct investments, fund of funds, co-investments and secondaries) in six highly specialized asset management classes (private equity, active funds, private debt, infrastructure, real estate and private wealth management)