GCA Altium advises Chequers Capital on an acquisition financing for Corning Services
Over the past 20 years, Corning Services has established itself as a long-term partner to telecom carriers, utility companies, and other owners or operators of critical IT and telecoms networks. Services include network monitoring, maintenance, and operational support, as well as design, project management, commissioning, and system integration. Headquartered in Hannover, Germany, Corning Services employs 80 highly skilled full-time employees and enjoyed strong organic growth over the last 10 years.
Chequers Capital, which manages assets of around EUR 2 billion and is one of the leading players in the private equity market in Europe, has acquired Corning Services from US-based Corning Inc. As part of the acquisition, new resources will be built up so that Corning Services can support their clients even more closely in achieving their business goals.
GCA Altium supported Chequers Capital in establishing an attractive financing package for the acquisition of Corning Services in a process where timing was crucial. The financing package will give the company the necessary flexibility for both organic and inorganic growth.
Uwe Gleitz, Director at Chequers Capital, said: “We are very positive about the attractive market dynamics and impressed by the outstanding know-how of Corning Services’ employees. We look forward to actively supporting the strong management team around CEO Naif Kiy to further develop and grow the business organically and through a proactive acquisition strategy.”
Norbert Schmitz, Managing Director at GCA Altium, added: “We are delighted to have found a flexible financing solution for the carve-out of Corning Services which, in our view, is now ideally set for strong future growth.”
The transaction will close on the 30th June 2021.