Thinkproject nets unitranche through club of funds for EQT buyout

EQT's acquisition of German construction software provider Thinkproject is backed by a unitranche financing provided by a Bridgepoint, Goldman Sachs, Northleaf, Park Square/SMBC joint vehicle and Partners Group, according to market sources.

The sponsor announced the acquisition from TA Associates in a statement in November 2020. The deal is valued at roughly €800 million, according to market sources, who add the unitranche gives the firm a starting leverage multiple of 6.25x based on EBITDA of roughly €27 million. EQT declined to comment beyond the information in its initial statement.

The new buyout of Thinkproject exits TA Associates from an investment dating from 2017, when it bought the Munich-based group in a deal backed by an all-senior debt package provided by NIBC, SEB and Northleaf.

Thinkproject Deutschland Gmbh was founded in 2000, and is a provider of software-as-a-service for the construction and engineering industries. The company employs about 450 people and its software is used by 2,750 customers across international private and public asset owners, project developers and general contractors.

Article amended at 11:30 a.m. U.K. time on Jan. 5, 2021 to include that Park Square Funds' commitment to the unitranche term loan was provided through the joint vehicle of Park Square and SMBC.