Clearwater International advises Reverse Logistics Group on €27m debt financing


Clearwater Advisor

Clearwater International acted as sole financial adviser to Reverse Logistics GmbH (“RLG”) on the structuring of two senior secured loan note facilities with a total volume of €27m, provided by Proventus Capital Partners, Sweden.

RLG, a portfolio company of Monitor Clipper Partners, is headquartered in Dornach, Germany and is the leading European provider of fully integrated reverse logistics, after-sales management and individual take-back solutions. RLG operates with 21 offices and 38 subsidiaries in more than 80 countries. With approximately 500 employees, RLG Group generated sales of approximately €128m in 2015.

Proventus Capital Partners is an active credit investor and loan provider to Northern and Western European mid-sized companies in need of capital for expansion, acquisition financing, restructurings and refinancing. Proventus Capital Partners also invests on a selective basis in the primary and secondary markets for high yield bonds. The funds of Proventus Capital Partners have combined assets of approximately €2.5bn under management.

The proceeds from the financing will be used for a refinancing of existing debts and general corporate finance purposes.

Clearwater International, led by partner Tobias Schätzmüller with support from associates Matthias Fritzsche, Alexander Seiferlein and analyst Pierre Knoche, advised Reverse Logistics GmbH.

“Being able to restructure our financing for a longer period and at strongly reduced interest rates has been very important for us. We are now in a financing structure which fully supports the company’s future development and growth. Clearwater International was able to quickly understand our complex businesses and structures while supporting the refinancing process in a highly efficient and target oriented way. The ability to achieve a successful transaction under a very tight timeline reflects their abilities and market understanding.”

Patrick Wiedemann, CEO at Reverse Logistics GmbH

“RLG is strongly positioned in the market for reverse logistics services, a market that experiences several favourable drivers for growth during the coming years via the increasing legislative pressure for product responsibility and further e-commerce penetration (with high return rates). As the circular economy is gaining more and more awareness, demand will grow for services and solutions that facilitate the reuse and recycling of goods.”

David Ullenius, Investment Director at Proventus Capital Partners

“Reverse Logistics Group is one of the international leaders and a fully integrated service provider in the fast-growing market for reverse logistics, after-sales management, recycling returns and individual take-back solutions as well as environmental compliance schemes. RLG is expecting to grow with a double digit CAGR until 2020. The refinancing with Swedish debt fund Proventus Capital Partners provides the financial resources and flexibility at improved terms to achieve this growth.

Clearwater International is delighted and proud to have advised Reverse Logistics Group as exclusive financial adviser in this refinancing transaction, which represents our second advisory mandate for RLG.”

Tobias Schätzmüller, Managing Partner at Clearwater International