CVC Credit Partners ("CVC Credit") is pleased to announce that it was the sole underwriter for the First Lien funding in Total Specific Solutions' ("TSS") acquisition of Salvia Développement ("Salvia"). This deal comes hot on the heels of CVC Credit hiring Hamza Filali in the Paris office in September 2019.
Founded in 1986 and headquartered in Paris, Salvia is the leading vertical market software provider for social housing, real estate developers, facility managers and local public authorities in France. The company develops comprehensive product offerings to meet the current and future financial, project, CMMS and energy management as well as digitisation demands of more than 1,300 real estate companies and over 2,500 government authorities in both metropolitan and rural areas.
Han Knooren, Group CEO at TSS commented: "We are happy to have completed the acquisition and the subsequent debt funding of Salvia. CVC Credit Partners has joined us as a key partner on the future journey of Salvia, as part of TSS. We are pleased with the speed at which CVC Credit Partners got to grips with the businesses processes and the market dynamics, which allowed us to agree upon a solid long-term financial structure for Salvia with ample room for the business to grow as well as invest in its products and services."
Neale Broadhead, Head of European Private Debt in CVC Credit Partners' European Private Debt business, added: "Salvia has been a leader in this niche market for over 30 years and enjoys a diversified and loyal customer base. TSS is a hands-on equity sponsor with significant sector experience and a strong track record. We are delighted to be part of the vision for Salvia's future growth and look forward to supporting the business and TSS in the years to come."