Petit Forestier Group announces inaugural US Private Placement totaling $627 million equivalent
• The Group’s achievement of a BBB investment-grade rating from the rating agency Kroll enables it to access a new pool of international investors, particularly in the US.
Petit Forestier Group announces the completion of its inaugural US Private Placement (USPP) for a total amount of $627 million equivalent. This transaction marks an important milestone in the Group’s financial strategy and reflects the confidence of international institutional investors in the Group’s business model and long-term strategy.
The transaction was supported by the Group’s recent BBB investment-grade rating from Kroll, which enabled Petit Forestier Group to broaden its investor base and access a new pool of institutional investors and insurers, particularly in the United States. BNP Paribas and Herbert Smith Freehills Kramer acted as advisers on the transaction, which was met with great success in the market, with order books far exceeding the amount sought by the Petit Forestier Group.
This financing, with maturities ranging from 4 to 7 years, will enable the Petit Forestier Group to continue its development in its core business: refrigerated vehicle leasing and rental. The funds raised will help to support its growth, strengthen its international presence and fund investments in its fleet and infrastructure.
“This transaction marks an important milestone in the development of the Petit Forestier Group. It reflects the confidence investors place in our business model and in the long-term vision that has guided our Group for nearly 120 years. This financing gives us the means to continue our expansion, support our customers in all the markets we serve and continue investing to anticipate and support the future evolution of our industry,” said Léonard Forestier, Petit Forestier Group President.
“This first USPP transaction demonstrates our ability to diversify our sources of financing and broaden our investor base internationally. Obtaining a BBB investment-grade rating marks an important milestone for the Group. It reflects the strength of our business model and financial fundamentals and reinforces our ability to tap into new sources of funding to sustainably support our growth strategy,” adds David Sitruk, Chief Financial Officer of the Petit Forestier Group.
Through this transaction, Petit Forestier Group has demonstrated its ability to secure long-term financing to complement traditional bank financing, thereby underpinning its long-term growth and consolidating its position as the European leader in refrigerated vehicle leasing and rental.