Silver Lake Partners LP and Partners Group AG hired Royal Bank of Canada, JPMorgan Chase & Co., and Natixis to arrange debt financing for the acquisition of Global Blue, a travel-related tax-refund services provider.
Silver Lake and Partners Group said today they agreed to buy the Nyon, Switzerland-based company from Equistone Partners Europe Ltd. for about 1 billion euros ($1.3 billion).
“In this challenging environment we were very fortunate to work with RBC who led the financing effort, along with JPMorgan and Natixis, to secure the debt for this investment,” Joe Osnoss, a London-based managing director at Silver Lake, said in an e-mail to Bloomberg News.
The acquisition loans will account for 3.5 times Global Blue’s earnings before interest, tax, depreciation and amortization, or about 40 percent of the company’s value, according to three people who declined to be identified because the deal is private.
A spokeswoman in New York for Silver Lake declined to comment on the financing.
Equistone, which was spun off from Barclays Plc last year, bought Global Blue in 2007 for 360 million euros. Since then, the company has doubled its revenue and increased Ebitda to about 97 million euros from about 35 million euros, according to Equistone.