Comdata group, a company active in the provision of Customer Management services, announced that it has reached an agreement with its financial partners that will significantly strengthen the Company's balance sheet and accelerate the future development of the business.
As a result of this agreement, Comdata's financial debt will be significantly reduced and the debt rescheduled will feature more favorable interest payment terms. The company's management will increase its minority stake to 40%, with 50 key executives participating in the equity structure, along with sponsor Carlyle, while financial creditors will convert some of their debt into equity-like equity instruments.
The transaction was advised by Houlihan Lokey, an investment bank with global experience in M&A, capital markets, financial restructurings and valuations, world leader in the middle market. For the restructuring of Comdata's debt, Rothschild & Co also acted as advisor, which supported Houlihan Lokey.
Maxime Didier, CEO of the group, said: “I am very satisfied with the agreement that Comdata has reached with its financial partners. As the financially strongest company, we look to the future with confidence and ambition. With greater financial flexibility and a highly motivated Management Team, Comdata is now able to take full advantage of its business model which uniquely combines consultancy, technology and services to provide specific solutions based on customer needs. Our business momentum is good, with recent portfolio acquisitions of new major clients, and we are confident in our long-term growth prospects. Comdata is ready to capitalize on the existing market opportunities and intends to actively participate in the next consolidation of the sector”.
Massimo Canturi, chairman of the board of directors said: “Comdata has been able to successfully navigate the market turbulence generated by the pandemic. The business has continued to develop steadily, and we have been able to guarantee the highest level of quality service to our customers. This is a clear sign of the resilience of our business model and the quality of our people, which have enabled us to gain leadership and position ourselves favorably for future growth. I am confident that the agreement reached today will further enhance the Group's ability to seize current and future market opportunities."
Marco De Benedetti, co-head of the advisory team of Carlyle Europe Partners and member of the board of directors of Comdata, said: “This agreement marks the beginning of a new chapter in the history of Comdata, as it will allow the Group to focus solely on your business. A stronger capital structure will also help Comdata reach its full potential in its core markets.”
About ComdataComdata is a global and innovative Customer Management BPO [Business Process Outsourcing] service provider with 30 years of experience. The company combines an international footprint with strong local expertise, with more than 50.000 employees who work passionately in 30 languages across 4 continents and 21 countries.
Focusing on the needs and opportunities of each sector, Comdata offers a complete range of end-to-end customer management solutions (acquisition, retention, customer service, technical support and debt collection). These are built on a portfolio of world-class services covering customer experience and process re-engineering consultancy, digital and cutting-edge technologies, customer operations (front & back office). Headquartered in Milan, Comdata offers excellence in Customer Management to more than 670 brands, including some of the biggest names in telecommunications, energy, banking, mobility, retail and e-commerce.
