Kartesia supports the creation of SI.TEQ a new leading German property damage restoration services group
Kartesia, the European specialist provider of capital solutions for small and mid-sized companies, is pleased to announce that it has supported German entrepreneurial investor group Rigeto in the acquisition and subsequent business combination of Siccum Trocknungs GmbH and Santeq GmbH to create SI.TEQ as joint group – a leading German property damage restoration “(PDR”) services business (“SI.TEQ or “the Group”).
The new Group combines two independent full-service PDR providers’ with high expertise in water, mould and fire damage. With nationwide coverage in Germany through 12 locations and a workforce of almost 150 employees, SI.TEQ will be a significant player in the German PDR market. The complementary service offering and regional coverage of the Group will boost the value proposition to all stakeholders through best-in-class customer service, quality, and speed of response.
The Group is backed by Rigeto, a German entrepreneurial investor group, who acquired a majority in Siccum alongside management in July 2018, and is now driving consolidation via a buy-and-build strategy in this highly regional and fragmented market.
Kartesia has provided a Unitranche facility from its KSO I and KSO II funds, which will be used to finance Santeq’s purchase price, refinance existing liabilities and to support the future growth aspirations of the Group. The team at Kartesia comprised Sebastian Afflerbach, Nico Wellm and Kristina Ivanova.
Sebastian Afflerbach, Investment Manager at Kartesia, commented: “We are very pleased to support Rigeto and management on this transaction. The merger of Siccum and Santeq will create a leading player in the PDR market. Based on its full-service solutions offering and nationwide coverage, the group is in a unique position to benefit from the ongoing consolidation in the market, while the additional capacities will drive a best-in-class service offering and response time. We look forward to working with Rigeto and management in the continued growth and development of the business.”