Trescal hires DC Advisory for end-of-year sale

OMERS-owned Trescal SA has hired DC Advisory for a sale at the end of year, according to market sources.

The EBITDA will be likely be marketed around €60 million to €70 million, and valuation is expected to surpass the €1 billion mark, sources said.

In June 2021, Trescal SA completed a €50 million fungible add-on to its term loan due April 2025, with proceeds to be used to fund future acquisitions.

The new debt came with a margin of E+325 with a 0% floor, in line with the existing facility, and priced at 98 to yield 3.89%. BNP Paribas was sole physical bookrunner on the deal.

The outstanding transaction was originally agreed as a €198 million facility in March 2018 to support the OMERS-led buyout of the calibration services group. In December 2020, the issuer added a €75 million fungible piece (priced at 97) to refinance revolver drawings and repay a French government-backed loan.

The 2018 buyout by OMERS was financed by Bank of Ireland, BNP Paribas and SMBC, which were mandated as bookrunners to arrange a €339 million, all-senior loan financing. The financing was split between a €264 million seven-year covenant-loose TLB and a €75 million revolver.

Trescal provides calibration services for the test and measuring equipment market.