IMAP is pleased to announce that FFP has reached an agreement with Barings for a private placement of €150 million. The loan will be used to finance current expenses and to continue FFP’s investment policy. It allows FFP to undertake a strategic diversification of its financing sources and to secure resources over a long maturity period under excellent conditions.
FFP is a listed investment company, majority owned by the Peugeot family through “Etablissements Peugeot Frères”. Founded in 1929 and listed on the stock market in 1989, the Group has an investment strategy based on 4 asset classes: direct investments in listed companies (including interests in Safran, Orpéa and Spie) and unlisted companies (such as Acteon, LDAP and Total Eren), co-investments, private equity vehicles and real estate. FFP is one of the 3 main shareholders of the automotive multinational Peugeot Group (of which it holds 9.3% of the capital as of June 30, 2020). The largest portion (28%) of FFP’s portfolio is composed of its stake in the Peugeot Group, which, alongside its other investments, are worth a total net asset value of €3.5 billion as of June 30, 2020 and an LTV of 21%.
Barings is a global player in financial services, with over $346 billion in assets under management as of June 30, 2020. The Group is active in both debt and equity investments, as well as in alternative asset classes. Barings is a subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual). The group has 2,000+ employees across 16 countries.
The team from IMAP France (Degroof Petercam), led by Franck Silvent, acted as sole financial advisors to FFP. The team negotiated the bond debt with the lender, optimized financing costs and guarantees, ensured maximum flexibility in line with the operational business plan, and secured the balance between the additional line implemented and the current balance.