CHARLOTTE, N.C., July 07, 2017 (GLOBE NEWSWIRE) -- Barings, one of the world’s leading asset management firms, announced today that it acted as mandated lead arranger of a senior secured credit facility to support the add-on acquisition of Clip Industrie by Battery Ventures’ portfolio company Forterro.
Forterro is a group of European specialized enterprise resource planning (ERP) software companies serving a diverse set of small- to medium-sized enterprises (SMEs) across a variety of sectors. The company used the credit facility to finance the acquisition of Clip Industrie, a French ERP software provider with a focus on SMEs within manufacturing end markets, including aeronautics, boiler makers and other machinery manufacturers.
“Battery Ventures is pleased to partner with Barings once again in supporting Forterro’s continuing growth,” said Morad Elhafed, partner at Battery Ventures. “Barings’ expertise and its familiarity with Forterro’s business allowed it to provide a financing solution that met our needs in a timely manner.”
“Barings is excited about the opportunity to grow our partnership with Battery Ventures while providing the financing Forterro needs to expand its offerings to new and existing verticals,” said Mark Wilton, a managing director at Barings. “Clip Industrie complements earlier acquisitions and strengthens Forterro’s position in the French market. Forterro continues to represent an attractive risk/return opportunity based on the highly integrated and mission-critical nature of its ERP software products within its customers’ businesses, its strong recurring revenue and profitability model, and its high cash generation. We look forward to continuing to support Battery Ventures on Forterro and other future investments.”
About Battery Ventures
Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area and Israel. Follow the firm on Twitter @BatteryVentures and visit www.battery.com to learn more.
About Barings LLC
Barings is a $280 billion* global asset management firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 1,700 employees and 600 investment professionals across 41 offices in 17 countries. Learn more at www.barings.com.
*As of March 31, 2017
Contact: Brian Whelan, Barings, 704.805.7244, firstname.lastname@example.org