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Investment size
Investment type
Initial Investment
October 2013

Borrower Overview

  • World leader (>60% market share) in glass production inspection, providing semi to fully automated inspection equipment to glass producers
  • Directly installed on manufacturers’ production lines, Tiama’s machines identify potential flaws and imperfections on bottles and containers prior to shipping to final consumers

Deal Description

  • Historical performance marked by strong cycles, with the initial Sponsor‘s having recently missed the latest sale opportunity window and entering a new downcycle
  • Vintage deal (close to 9 yrs), with Senior lenders frustrated with the new restructuring request and Mezzanine lenders looking to take the keys from the Sponsor

Kartesia Contribution

  • Kartesia became a cornerstone creditor and shareholder of Tiama when it purchased part of the original senior debt of the Company and implemented a full restructuring of Tiama’s balance sheet, reducing its debt package, providing it with new money financing and taking control in the process, primarily alongside another direct lender
  • Management and the new shareholders have worked together to align the Company on its growth trajectory, capitalizing on Tiama’s market-leading share in core hollow glass inspection machines, but also launching new strategic initiatives


  • Tiama’s debt has been repaid at par in Q3 2017 following the sale of the Company


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