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Portfolio news Socotec
Global provider in inspection, certification, and testing services (“TIC”), ensuring safety and quality across industries.
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SOCOTEC Secures One of the Most Attractive Loan Financings in the European Market
Our portfolio company SOCOTEC, leader in the Testing Inspection Certification Compliance (“TICCC”), has successfully secured one of the most attractive loan financings available in both the European and US markets, underlining strong confidence of the bank in SOCOTEC’s strategy, performance and long-term prospects.
The refinancing, led by J.P. Morgan and BNP Paribas, covered two existing loan facilities, one denominated in euros and one in US dollars, representing a combined amount of more than €1.5 billion. As part of the transaction, lenders agreed to reduce the interest rates on both facilities by 50 bps setting the margin at 300 bps on the EUR facility and 275 bps on the US facility, resulting in annual savings of close to €8 million per annum.
These improved terms send a clear signal of confidence in SOCOTEC’s trajectory and its ability to deliver on its “Ambitions 2028” plan. This roadmap aims to accelerate SOCOTEC’s growth by strengthening its leadership in Testing, Inspection, Certification and Compliance, expanding further across international markets, and continuing a disciplined strategy of targeted acquisitions all while maintaining high standards of quality, safety and sustainability. The newly secured financing provides SOCOTEC with enhanced financial flexibility and is a key enabler to support the execution of these ambitions.
Cobepa has been a majority shareholder in SOCOTEC since 2013, supporting the Group through its international expansion and long-term value creation strategy alongside management and its co shareholders CD&R, Mubadala and Bpifrance.