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Acquisition

Our long-term financing meets our partners’ long-term needs.
partner story

CARCO

Managing Director and Majority Owner, Andrea Chalp, of CARCO, and Marie Fioramonti and Josh Shipley of Pricoa discuss financing CARCO’s first cross-border acquisition.
Companies, like yours, typically complete acquisitions with the goal of growing and responding to their customers’ needs more quickly. Through acquisitions, you can also access adjacent markets as well as diversify your customer base.

There are various alternatives for financing an acquisition, depending on the acquiring company’s situation and goals, and the acquisition finance structure can include a mix of funding sources. The most common alternatives for financing an acquisition include swapping stocks, cash, senior debt financing, mezzanine financing, leveraged buyouts, or equity.

We have experience working with companies of all sizes (EBITDA of US$8 million to sky’s-the-limit) from a range of industries to implement a customised acquisition financing solution that meets the objectives of management teams.
our people

Eyes on the horizon.

“We keep focused and committed to our and our partners’ shared future goals rather than react to temporary ups and downs.”

FRANCESCO ASCOLI
Vice President
Typical size
  • Senior debt: US$10 million - US$300 million
  • Subordinated debt: US$10 million - US$100 million
Typical uses
  • Middle-market companies with attractive growth prospects and positive cash flow
  • Incumbent management teams and active ownership with an economic stake in the company’s success
  • Minimum EBITDA of US$8 million
  • Generalist sector approach
Structural characteristics
  • Senior debt, alongside junior capital, for a seamless, one-stop solution with a single, relationship-oriented capital provider
  • Typical maturities: 3 – 25+ years
  • Flexible payment structures, including amortising or bullet, and fixed- or floating-rate
Issuer benefits
  • Capacity to fund across your capital structure; a one-stop shop with senior debt, mezzanine or subordinated debt, and preferred equity
  • Supportive, patient, relationship-oriented partner
  • Deep pockets to provide follow-on capital to fund your future growth
  • Industry agnostic, with deep experience financing manufacturing, service, and distribution businesses
Pricoa Private Capital structured a flexible, one-stop financing package for CARCO that included senior and subordinated debt as well as an accordion to facilitate future tuck-in acquisitions. The transaction was financed in two phases with the first phase closed in less than four weeks after terms were agreed.

Faced with a short deadline to close and the complexities of a cross-border and multi-phased transaction, CARCO chose to partner with us based  on our ability to move quickly, the certainty of execution afforded by a one-stop funding solution, multi-currency capabilities, local market presence, and deep experience investing in Italy.

Our long-term and patient funding provided an ideal platform to support CARCO’s management’s future growth ambitions across Europe, Asia, and the US.
“Pricoa gave CARCO the opportunity to execute its growth strategy in the US, reorganising and optimising the group capital structure to meet future opportunities.”
Andrea Chalp, Managing Director and Majority Owner, CARCO
Pricoa Private Capital (‘PPC’) is a trading name of PGIM, Inc. (‘PGIM’), the principal asset management business of Prudential Financial, Inc. ('PFI'), and it is also a trading name of PGIM Private Capital Limited and PGIM Private Capital (Ireland) Limited. In the United Kingdom, information is issued by PGIM Private Capital Limited with registered office: Grand Buildings, 1-3 Strand, Trafalgar Square, London, WC2N 5HR. PGIM Private Capital Limited is authorised and regulated by the Financial Conduct Authority (“FCA”) of the United Kingdom (Firm Reference Number 172071) and registered in England No. 1331817. In the European Economic Area (“EEA”), information is issued by PGIM Private Capital (Ireland) Limited with registered office: Pramerica Drive, Letterkenny Business and Technology Park, Letterkenny, Co Donegal, F92 W8CY, Ireland. PGIM Private Capital (Ireland) Limited is authorised and regulated by the Central Bank of Ireland and registered in Ireland under company number 635793 operating on the basis of a European passport. In certain EEA countries, information is, where permitted, presented by PGIM Private Capital Limited in reliance of provisions, exemptions or licenses available to PGIM Private Capital Limited under temporary permission arrangements following the exit of the United Kingdom from the European Union. These materials are issued by PGIM Private Capital Limited and/or PGIM Private Capital (Ireland) Limited to persons who are professional clients as defined  under the rules of the FCA and/or to persons who are professional clients as defined in the relevant local implementation of Directive 2014/65/EU (MiFID II).