Clearwater International France advises RemadeGroup on a €125m unitranche financing

assessor de Clearwater

RemadeGroup, the smartphone remanufacturing specialist, secures a €125m unitranche financing from LGT European Capital acting as Mandated Lead Arranger with Idinvest Partners and Swen Capital Partners as co-investors.

RemadeGroup announced today that entities managed by LGT European Capital have arranged a €125m unitranche, with Idinvest Partners and Swen Capital Partners, to support the organic growth of the Group and refinance its existing debts.

Founded by Matthieu Millet in 2013, RemadeGroup has rapidly become the leading player in the premium smartphone remanufacturing market in Europe through its brand Remade. With two production facilities based in Avranches (Normandy, France) and more than 850 employees, RemadeGroup reached €130m of revenues in 2017.

The expansion of the Group is driven by a dynamic global refurbished smartphone market as well as the development by RemadeGroup of a state-of-the-art remanufacturing process delivering high quality products. With its international sourcing and broad distribution reach, RemadeGroup has become a reference for high-end remanufactured smartphones for retailers and end-users.

RemadeGroup also has ambitions beyond Europe: the Group has recently extended its activities in the US, with a new production facility to be opened in Miami, and is progressively expanding its footprint in Africa (since the beginning of the year) and in Asia.

Matthieu Millet, founder and main shareholder, is being supported by Private Equity funds Novi 2, TempoCap and Alter Equity 3P. RemadeGroup has chosen LGT European Capital for its unitranche financing as a long-term financing partner with Idinvest Partners and Swen Capital Partners investing alongside entities managed by LGT European Capital. This operation secures the financing of the Group’s upcoming industrial investments and boosts its sourcing capacity.

RemadeGroup was advised by Clearwater International for this transaction, which is one of the largest unitranche on the French market in 2018 to date. The Clearwater International team, led by Laurence de Rosamel, Managing Director, composed of Paul Assaël, Associate and Léa Joly, Analyst.

“I am very pleased to announce the arrival of LGT European Capital and the renewed confidence of Idinvest Partners and Swen Capital Partners. All of the stakeholders share our ambitions but also our business and societal values. This operation is fully in line with the Group’s strategic challenge to conquer new market shares and support the strong growth of RemadeGroup, leader on its market.”

Matthieu Millet, Chairman of RemadeGroup

“This operation will contribute to the strong development of the Group especially on an international basis. It highlights RemadeGroup’s ambition to adapt its financial structure to new opportunities arising on a dynamic industry.”

Frédéric Pinchaud, CFO of RemadeGroup

“Remade is the clear leader in high quality smartphones remanufacturing and this funding is critical to us helping us scale our business and satisfy our customers.”

Dave Stritzinger, COO of RemadeGroup

“LGT European Capital is delighted to accompany the management and shareholders of RemadeGroup in the next stages of the company’s growth. We have been impressed by RemadeGroup management’s ability to develop a very unique positioning within a fast-growing market through a high-quality offering of branded products and state-of-the-art remanufacturing plants.”

Stéphane Legrand, Partner at LGT European Capital

“We are proud to be a partner of the Group in each stage of its growth. This unitranche will give RemadeGroup the ability to multiply its turnover by 10 since we came on board.”

Valérie Ducourty, Investment Director for the Novi 2 fund