Barings Extends Senior Credit Facility To Support Refinancing, Add-On for Battery Ventures' Forterro Unit
CHARLOTTE, N.C., Feb. 08, 2017 (GLOBE NEWSWIRE) -- Barings, one of the world's leading asset management firms, announced today that it acted as mandated lead arranger of a senior secured credit facility to support Battery Ventures' portfolio company Forterro.
Forterro is a group of European specialized enterprise resource planning (ERP) software companies serving a diverse set of small- to medium-sized enterprises across a variety of sectors. The company will use the credit facility to refinance existing debt and to fund the acquisition of BPSC, a Polish provider of ERP software solutions for manufacturing, wholesale and retail customers.
"Battery Ventures appreciates the contributions of Barings' European private finance team in supporting Forterro on these strategic growth initiatives," said Morad Elhafed, partner at Battery Ventures. "The experience and depth of the Barings team enabled it to deliver a complex multi-currency credit facility on a tight timetable."
"Barings is very pleased to partner with Battery Ventures to help Forterro optimize its financing structure and continue to execute its growth strategy with the investment in BPSC," said Mark Wilton, a managing director at Barings. "Forterro represents an attractive risk/return opportunity based on the highly integrated and mission-critical nature of its software products within its customers' businesses, its strong recurring revenue and profitability model and its high cash generation. We are confident that the company will continue to benefit from Battery Ventures' expertise in software and technology and strong record of value creation."
About Battery Ventures
Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area and Israel. Follow the firm on Twitter @BatteryVentures and visit www.battery.com to learn more.
About Barings LLC
Barings is a $271 billion* global asset management firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 1,700 employees and 600 investment professionals across 41 offices in 17 countries. Learn more at www.barings.com.
*As of December 31, 2016
(U.K.) Ali Dyson, Barings, +44 (0) 20 7214 1093, firstname.lastname@example.org
(U.S.) Brian Whelan, Barings, 704.805.7244, email@example.com