S&P gives B to Trevise/Group Services France loan

S&P said it assigned a B long-term issuer credit rating to Trevise Holdings 1 SAS (Group Services France) and a B issue rating to the €446 million senior secured term loan B, with a recovery rating of 3.

The outlook is stable.

“The stable outlook reflects our expectation that GSF will continue to generate moderate organic revenue growth supported by increased demand for outsourced cleaning services, and generate EBITDA margins in the 9.0%-9.5% range, resulting in S&P Global Ratings-adjusted debt to EBITDA of about 5x in the coming 12 months,” S&P said in a news release.

Private equity group TowerBrook Capital Partners acquired a majority stake in GSF in July 2022.

The transaction was funded with proceeds from a €446 million senior secured term loan B issued by Trevise Holdings 1 SAS, an intermediate holding company, as well as equity contribution from the new financial sponsor and reinvestment from existing shareholders (the founding family).

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