GCA Altium advises Ufenau Capital Partners on the recap of Intelligent Repair Solutions Group
GCA Altium has advised Ufenau on a recapitalisation of Intelligent Repair Solutions Group (IRS), the leading intelligent repair solutions provider for passenger cars in Germany & Scandinavia. The recapitalisation gives Ufenau and IRS the opportunity to further grow the business organically and the financial power to continue consolidating the German and Scandinavian markets.
IRS Group is the leading service provider in the areas of body and paint work, Smart Repair, hail damage repair as well as vehicle refurbishment and rim repair in Germany, Denmark and Sweden. With more than 120 stationary locations, the group covers a broad range of customers comprising car dealers, fleet operators, leasing companies, insurance companies and private customers. In 2018 the group, which employs more than 1’800 people, generated a turnover of around EUR 155m.
GCA Altium advised Ufenau on a tailored financing package that supports the successful buy-and-build approach for further growth. The Ufenau team explained: “The new financing structure will enable the IRS Group to rapidly consolidate the Northern European market. We intend for it to grow by 5-10 locations per year in the near future and to achieve a turnover of more than EUR 300m.”
Dr Johannes Schmittat, Managing Director at GCA Altium, stated: “A combination of term debt, RCF and significant acquisition lines will provide a high degree of flexibility and liquidity to support Ufenau with a successful buy-and-build approach.”
The transaction closed on 9th April 2019. All parties agreed that no details of the transaction would be disclosed.