London – CVC Credit Partners, a leading global alternative investment manager focused on sub-investment grade debt markets in the US and Europe, announced today that its European Private Debt business has provided an unitranche facility to support Bregal Freshstream’s acquisition of Verwater.
Verwater is a global industrial and petrochemical contractor, specialising in storage tank maintenance, which Bregal Freshstream has acquired from Infestos, a privately held Dutch investment firm. Verwater, founded in 1922 and headquartered in Rotterdam, primarily operates in the Amsterdam-Rotterdam-Antwerp region but has global capabilities supported by three international sales offices in Oman, USA and Singapore, working with a blue chip client base including ExxonMobil, Shell, Total, Vopak, Odfjell, Shin Etsu and Dupont.
This transaction marks the 17th financing completed by CVC Credit Partners’ European Private Debt team. CVC Credit Partners recently announced that it had expanded its global lending strategy, following its acquisition of Northport Capital. This acquisition also enhanced the number of senior, experienced employees across CVC Credit Partners’ Private Debt team.
Neale Broadhead, Managing Director and Portfolio Manager in CVC Credit Partners’ direct lending business, said: “I am very pleased to have the opportunity to support Bregal Freshstream in their acquisition of Verwater. Over the last 2 years, we have enjoyed a very steady investment pace from our two European-focused private debt funds, and have been able to deploy capital across the region to mid-market firms. We see good opportunities ahead of us and look forward to continuing to invest to help build stronger companies.”
This transaction was led by Chris Fowler, who joined CVC Credit Partners from GE Capital.