Paragon Group raises €89m in long term funding in the Luxembourg Bond Market through a Euro Private Placement
Grenadier Holdings Plc, the investment arm of Paragon Group, has issued an additional 89M€ Euro Private Placement. The funds were released in three tranches during April and May 2018. The notes, which have a maturity of 7 years, are listed on the Luxembourg Stock Exchange.
This private placement follows the issuance of a previous €52m in notes in 2016 which was used to fund large acquisitions by Paragon. Since 2016 the Group has acquired more than €250m in additional turnover through major acquisitions such as DST Systems (UK), ASK SA (France) and Docsellent (Germany) along with smaller strategic acquisitions across Europe. This latest private placement will be used to finance further similar developments.
Paragon Group has grown through organic development and acquisition in recent years to more than €650m turnover. The Group continues to explore acquisition opportunities in each of its divisions: Paragon Customer Communications, Paragon ID, and Paragon Graphic Services
The success of the placement is testament to the excellent financial profile of the Group which has an exceptional track record in debt repayment and in its last accounts posted June 30th 2017 recorded proforma sales of €642m, a proforma EBITDA of €41m and a debt to EBITDA ratio of 2.1
Paragon’s CFO Laurent Salmon commented “This new funding is very good news for our Group. The nature of this funding, and its repayment profile, puts us in an excellent position for the next phase of our development”.
CACIB acted as Sole Arranger and Sole Lead Manager on this transaction with the assistance of CMS for legal services.
Paragon Group is a leading provider of Customer Communications, Identification and Graphic services, has turnover in excess of €650 million and close to 5,000 employees. Paragon Group combines generations of experience with the latest innovations in technology and smart data, to enable responsive and meaningful interactions between organisations and their customers.