Atalian to enter bridge loan facility in connection with Servest buy

By Sarah Lizee

Olympia, Wash., April 6 – Atalian Group said it will enter into a bridge loan facility in connection with its acquisition of Servest Ltd., according to a press release.

The consideration for the acquisition includes £457 million of enterprise value for Servest and £83 million for its 28.8% equity investment in Getronics Services UK Ltd.

The loan is intended to be replaced or refinanced with long-term debt.

The acquisition is expected to be completed during the second quarter.

Atalian’s pro forma leverage is expected to increase to between 5.25 and 5.5 times as a result of the transaction. The company said it plans to reduce its leverage to 4.5 times in the short- to medium-term.

Atalian is a Paris-based provider of outsourced building services. Servest is a provider of facility management services in the United Kingdom.

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