IAD's acquisition supported by Goldman Sachs

IAD Group's acquisition is supported by a unitranche of around €300 million by Goldman Sachs' direct lending business, according to sources.

Although incumbent lenders Capza and Permira Debt Managers as well as other direct lenders were racing for the deal, it was eventually awarded to Goldman Sachs. There is no revolving credit facility attached to the financing, the sources said.

"The buyer was keen on a cov-lite facility at E+550, 2.75% OID," one source said.

A minority sale of IAD Group was awarded last month to American investor Insight Partners, while previous owners IK Investment Partners, Five Arrows Principal Investments (FAPI) and Naxicap are re-investing in the company, sources said.

The deal is valued at €1.2 billion.

The company was marketed off EBITDA of approximately €45 million to €50 million.

The company has a business model that is very attractive in the U.S., sources say, and the deal was valued by looking at other companies such as listed digital estate broker eXp World Holdings, which has a big market share in the U.S., one source said.

IAD has more than 250 employees in four European countries and reported turnover of €278 million in 2020. It operates solely online.