Reorg Blog

Working with Raymond James as their financial advisor and a group of potential buyers, the Actico sale process is underway. With a projected EBITDA of €10M, Actico, who’s name was changed from Bosch Financial Software in 2015, could reach a potential valuation of €180M for the sale. The sale is expected to be supported by debt and with only minimal competition in the financial automation software sector it is attracting sponsors who are expected to carry out the due diligence. Also making this sale attractive to sponsors is the company’s consistent growth. Actico expects another 11% year-over-year growth for 2020, but with...

Written by Shasha Dai, Managing Editor, China || You are ready to put your house on the market but don’t see eye to eye with the appraiser on the value of your property - or worse yet, you couldn’t afford an appraisal report. This is the same situation many Chinese high-yield issuers find themselves these days. At a time when they need to tap the bond market for fresh capital to refinance existing debt, they are at odds with credit rating agencies over their rating methodology or have had their ratings withdrawn for unspecified commercial reasons. Yunnan Provincial Investment Group,...

The U.K.-based Davies Group provides professional services and technology solutions, including claims, underwriting, distribution, regulation, customer experience, human capital, digital transformation and change management for the insurance industry. Reorg's EMEA Middle Market team reported in mid-March that the Davies Group’s incumbent lender Permira Debt Managers is exiting its position amid BC Partners’ acquisition of the company, sources told Reorg. Blackstone Credit provided a £950 million debt package to support the transaction. Permira Debt Managers did not participate in the acquisition financing but is getting repaid, sources said. Click through to read the most recent update.

After a joint venture between Shandong Ruyi Technology Group and Huayang New Material Technology Group, a group of Lycra bondholders are looking for more clarity due to the suspected use of Lycra’s intellectual property and potential technology transfer for a construction project between Ruyi and Huayang. Lycra suspects that their branding and technology is going to be leveraged for the project without authorization. These complications came after Huayang and Ruyi signed a framework agreement to institute fiber material manufacturing facilities including one for Lycra that could produce 60,000 tonnes of spandex per year by December 2021.  Additionally, as part of...