London, 21 August 2023

Praesidiad is pleased to announce that it has agreed a transaction with key stakeholders to strengthen its financial position and bolster its balance sheet to support the future growth of the business. 

As part of the transaction, Praesidiad’s financial partners will acquire the company from existing shareholders. As a result of the agreement (which is subject to customary regulatory approvals), Praesidiad’s financial indebtedness will be significantly reduced by approximately €240m, and its maturities will be extended to 2027. Furthermore, Praesidiad’s liquidity position will be enhanced by €25m additional funding from current financial partners and a substantial reduction in annual interest expense, thereby enabling the company to further capitalise on investment opportunities and accelerate growth.

As a result, Praesidiad will have improved operational flexibility and runway, and this will allow the company - together with the support of its customers, employees, suppliers and local partners - to become a stronger business with an optimised capital structure for the benefit of all stakeholders.

Dino Koutrouki, CEO of Praesidiad, said: “I am pleased that an agreement has been reached with our key financial partners that provides a stronger foundation for Praesidiad’s future growth. This transaction strengthens Praesidiad’s balance sheet, enabling us to continue to capture growth opportunities in our core markets, and positions the business well for future long-term success.”

Representatives of Praesidiad’s financial partners said: “We are committed to Praesidiad and are excited to work with Dino and his team going forward. The transaction will provide for long-term financial strength and stability, and will provide Praesidiad with a strong foundation on which to continue to drive its growth agenda.”