H.I.G. WhiteHorse Supports the Refinancing of Primesight Limited
LONDON – April 10, 2017 – H.I.G. WhiteHorse, a credit affiliate of global investment firm H.I.G. Capital, has arranged a £27m unitranche loan for Primesight Limited, an out-of-home advertising company in the UK which is majority owned by GMT Communication Partners. Primesight is headquartered in London, UK and has c.140 employees. The Company operates a national network of some 20,000 advertising panels, selling the advertising space via advertising agencies and to companies directly.
H.I.G. WhiteHorse has provided a flexible financing structure which replaces the Company’s existing debt facility and provides additional capital to support growth and investment.
Jerry Wilson, Principal at H.I.G. WhiteHorse, said: “This transaction demonstrates H.I.G. WhiteHorse’s ability to tailor a bespoke, flexible and deliverable debt package to support Primesight as it exploits opportunities arising from the digitization of out-of-home marketing. We look forward to supporting its future success”.
Naren Patel, CEO of Primesight, commented: “This transaction provides Primesight with the flexibility to continue investing in our estate of digital panels to build on our current strong market position. H.I.G. WhiteHorse has been supportive and demonstrated a high degree of flexibility and pragmatism in providing us with a solution that suited our requirements and we look forward to working with H.I.G. WhiteHorse as a financing partner”.
Primesight is the UK’s 4th largest player in the out-of-home (‘OOH’) advertising market. Within this market, Primesight is the largest player in roadside billboards. The Company offers clients national coverage through its portfolio of c.20,000 panels. Primesight’s new funding package will enable it to invest in new digital panels which will exploit new technologies that offer advertisers greater precision in targeting their own end customers.
About H.I.G. WhiteHorse
H.I.G. WhiteHorse is the credit affiliate of H.I.G. Capital focused on providing flexible debt financing solutions to middle market companies in Europe and the United States. Operating a broad investment mandate, H.I.G. WhiteHorse provides unitranche, senior and subordinated debt capital for refinancings, growth capital, acquisitions, buyouts, and balance sheet recapitalizations. Credit facilities typically range from €10 million to €75 million for companies with revenues of €40 million or more. For more information, please refer to the WhiteHorse website at: https://higeurope.com/whitehorse/.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with more than €20 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real assets funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of €28 billion. For more information, please refer to the H.I.G. website at higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.