H.I.G. WhiteHorse Provides Financing to STP, a Leading Software Provider to Law Firms in Germany
LONDON – October 29, 2013 – H.I.G. WhiteHorse, a credit affiliate of global investment firm H.I.G. Capital, has arranged and provided mezzanine debt financing to STP, a leading provider of software and related services to insolvency administrators, insolvency courts and corporate law firms in Germany.
The new financing consists of a mezzanine debt facility, with no amortisation payments until maturity and pays a combination of cash and payment-in-kind interest. The financing structure has been designed to provide the Company with the required flexibility as it continues to strengthen its strong existing market position and expand into adjacent product areas.
Gunther Thies, Co-Founder of STP, said: “We are very pleased to have H.I.G. WhiteHorse as a financing partner. They’ve shown a high degree of flexibility in providing us with a solution that perfectly suits our needs.”
Ralph Suikat, Co-Founder of STP, added: “H.I.G. WhiteHorse has demonstrated deep understanding of our business during this process. We’re looking forward to continue this partnership as we’re taking our next strategic steps.”
Appu Mundassery, Managing Director at H.I.G. WhiteHorse, commented: “We are delighted to provide financing to a company like STP that has built such a strong market position over the course of more than two decades under the leadership of its two founders. This transaction demonstrates our strong commitment and unique ability to support successful entrepreneurs and their businesses with highly customized and flexible capital solutions catering to the specific requirements of owner-managers.”
Founded in 1993 by its two existing shareholders, STP is the third largest provider of software solutions for the legal market in Germany. With a market share of more than 70%, STP’s Winsolvenz product is the leading software solution for insolvency administrators to support them in the management of insolvency proceedings. It is complemented by EUREKA Winsolvenz, which is used by the majority of insolvency courts in Germany. LEXolution.DMS is a powerful document management software, giving law firms a powerful tool to optimise case handling and facilitate document exchange across the firm. For corporate law firms, STP offers LEXolution.KMS, a comprehensive practice management solution that allows them to continuously monitor, manage and optimise all major business processes. STP’s core range of software products is complemented by an extensive service offering, making STP the ideal partner for any law firm seeking a comprehensive, high-quality software and service package from a reliable long-term partner. STP is headquartered in Karlsruhe, Germany, and employs over 120 people.
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 €50 million or more.
For more information, please refer to the WhiteHorse website at: www.higwhitehorse.com
About H.I.G. Capital
H.I.G. Capital is a leading global investment firm with more than €10 billion of equity capital under management. Based in Miami, H.I.G. Capital has offices in Atlanta, Boston, Chicago, Dallas, New York and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Paris and Rio de Janeiro.