EQT Credit leads recapitalization of Bartec and becomes largest shareholder
EQT Credit, through its Credit Opportunities strategy, is pleased to announce that it has led the recapitalization of Bartec (“the Company”), a global market leader in explosion protection. With the transaction, EQT Credit becomes the largest shareholder in the Company.
Founded in Germany in 1975, Bartec is one of the market leading global players in explosion protection. With a broad product portfolio and a strong long-term track record of industry experience, Bartec caters to specific customer requirements worldwide. Its key applications are in the fields of Electrical Safety Systems, Electrical Heating Systems, Technology Systems and Enterprise Mobility.
EQT Credit and other shareholders are investing EUR 80 million of equity in the Company, significantly strengthening its balance sheet, and as part of the transaction, Bartec’s debt is reduced by approximately EUR 280 million.
EQT will support Bartec and its management team on its value creation initiatives centered around operational excellence, customer focus and best in class products.
Martin Schefter, CEO of Bartec, commented: “This is an exciting day for Bartec. With a strong portfolio of world leading products, excellent customer relationships and renewed financial flexibility we are well positioned to capture the significant opportunities we see ahead of us.”
Cyril Tergiman, Partner at EQT Partners and Investment Advisor to EQT Credit, added, “EQT Credit believes there is a real potential for growth with Bartec and looks forward to supporting its management in building the Company’s position as an industry leader.”
Dominik Mattmann, Managing Director at EQT Partners and Investment Advisor to EQT Credit, concluded: “As Bartec’s largest shareholder, EQT Credit will work with other shareholders to put in place an experienced and high-caliber Board of Directors of senior industrialists to support management in their efforts to drive value in the coming years.”
Cyril Tergiman, Partner at EQT Partners and Investment Advisor to EQT Credit fund, +44 20 7430 5510
EQT Press Office, firstname.lastname@example.org, +46 8 506 55 334
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 41 billion in assets under management across 20 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
Bartec is a leading manufacturer of explosion proof equipment preventing explosions wherever hazardous substances could occur. Bartec’s product portfolio ranges from complex measurement and analysis technology via innovative heating technology solutions to explosion-proof components and systems for automation, control and communication. Bartec’s customers (comprising a balanced mix of OEMs, EPCs and end customers) operate in a wide range of industries including oil & gas, chemical, petrochemical, mining and pharmaceutical. Bartec operates globally and is headquartered in Bad Mergentheim, Germany.
More info: www.bartec.de/en