North Holdings has committed financing for Caverion acquisition

Chicago, Nov. 3 – North Holdings 3 Oy, to be indirectly owned by a consortium led by North (BC) Lux Holdco Sarl, a vehicle owned by Bain Capital Private Equity (Europe), LLP, has committed financing for the acquisition of Caverion Corp., according to a press release.

North is making a cash tender offer of €7.00 per share, representing a premium of 49.3% over the closing price on Nasdaq Helsinki on Nov. 2. The offer is being made on a voluntary recommended public basis.

The tender offer values Caverion’s total equity at approximately €955.3 million, based on 136,472,645 issued and outstanding shares.

The offeror has received both equity commitment letters and debt commitments.

The debt commitment is for subordinated debt financing, provided by Goldman Sachs Asset Management on a customary European “certain funds” basis and available subject to certain conditions.

North has appointed UBS AG London Branch, Advium Corporate Finance Ltd., Goldman Sachs International, Nordea Bank Abp and BNP Paribas as financial advisers, Nordea Bank Abp as arranger outside of the United States and Kirkland & Ellis International LLP, Roschier, Attorneys Ltd. and Hannes Snellman Attorneys Ltd. as legal advisers in connection with the tender offer. Caverion has appointed Bank of America Europe DAC, Stockholm branch as exclusive financial adviser and Castren & Snellman Attorneys Ltd. as legal adviser in connection with the tender offer.

Caverion, based in Vantaa, Finland, designs, implements and maintains building technology and industrial services.

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