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Acuster

presented by October Spain

€2,000,000

6.75%

60 months

B

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location

Location

Terrassa,Spain

activity

Activity

Marketing surveys & consulting

Presentation of the company

Created in 2005, GRUPO ACUSTER SL is active in the Water systems sector. The company, managed by Jaume Puig Zacares, has 142 employees and is based in Terrassa.

The company’s main activity is:

  • Manufacture and commercialization of components for water supply networks.

The company works with a diversified client base within a wide range of industrial sectors and geographies.

Project Description

The company requests a loan of 2.000.000 € over 60 months to finance the prepayment of the Vendor loan of the purchase of STP Group, acquired in 2014. This project will be realised next month.

The amount offered on the platform is limited to 980.000€, which is in line with the regulatory limits.

Analyst’s Opinion

The borrower is a holding company whose revenues are derived from services invoiced to its subsidiaries. The financial analysis was carried out on consolidated financial statements, which reflect the group’s performance.

With a turnover of 30 894 922 € in 2017 and an experienced team, the company has a good track record combined with a strong operating margin.

The lower profitability in 2016 and 2017 is related to the strong investment in computer equipment, and process-specific software undertaken in the last 2 years. The forecast is based on the performance in 2017.

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,24 and a good financial structure, with a forecast net debt / ebitda ratio of 3,8 and a net debt / shareholder equity of 118%.

The analysis of the project leads to a credit rating of B and a 6,75% annual interest rate.

*The multiple of FCCR at 1,24 means that the company has a safety margin of 24% relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (External data provider). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.

Strong points:

  • Good historical performance based on diversified client base
  • Good repayment ability with a forecasted FCCR of 1,24
  • Good diversification of customers, products and geographies

Points of caution:

  • Long payment term from clients

*The multiple of FCCR at 1,2 means that the company has a safety margin of 20 % relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (ModeFinance, Crif, Cerved). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.