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Carlsquare’s Debt Team advised BID Equity on the refinancing of their portfolio company JustRelate, alongside supporting the cross-border acquisition of Dartagnan

Marking the second successful close in September, Carlsquare’s Debt Team advised BID Equity on the refinancing of their portfolio company JustRelate Group, alongside supporting the cross-border acquisition of the french email builder Dartagnan.

JustRelate was created by merging Berlin-based Infopark AG and PiSA sales GmbH in 2020. The group’s software solutions enable B2B, B2C, and public sector customers to digitize their sales, marketing, and service processes by automating customer relationships and creating a 360-degree view of the customer across all channels. The addition of Dartagnan underscores this strategy and supports the Group in its geographical expansion as a leading European SaaS provider.

Founded in 2013, Dartagnan focuses on subscription-based no-code email building solutions with an emphasis on high-quality design email templates that can be integrated in marketing automation and routing solutions. Besides, Dartagnan offers professional services including set-up, training and consulting, catering to a vast spectrum of blue-chip B2B2B and B2B2C customers. Dartagnan serves a variety of customer brands in retail, fashion & beauty, leisure & travel and other industries. The Company will resume its growth path as part of JustRelate Group.

BID Equity is the advisor of the BID Equity funds, that specialize on investments in successful B2B software companies. Investment focus is the acquisition of majority shareholdings in the context of company successions and shareholder buy-outs of small to medium sized software companies in Europe and North America. BID Equity pursues an active investment approach that focuses on scaling its investments through international acquisitions and organic professionalization. As an active partner, BID Equity partners with management teams to optimize product offerings, business models and processes.

Carlsquare Debt Advisory was engaged to provide debt advice for JustRelate’s refinancing as well as add-on acquisition financing of Dartagnan. The financing was structured to also pave the way for further growth.

Carlsquare ran a competitive process, which involved several workstreams, including debt structuring for both the acquisition and the refinancing as well as negotiations with potential financing providers. With c. 10 weeks from initial market approach to closing the transaction, Carlsquare managed to secure a financing package at competitive terms, equipping JustRelate with ample firepower for further add-ons, while also supporting operations through a revolving facility.

Given the complexity of a cross-border acquisition paired with a refinancing, Carlsquare as our debt advisor managed to maneuver us through this process and provided ongoing support, from start to finish. We really appreciate having completed both the refinancing and the add-on financing within the envisaged timeline and at competitive terms” Nico Schulte, Chief Financial Officer of JustRelate Group

Carlsquare acted as exclusive debt advisor for BID Equity.

BID Equity
Daniel Gebler
Daniel Gebler
Partner and Head of Debt Advisory
Constantin von Wiedersperg
Constantin von Wiedersperg LinkedIn