Key Takeaways
- • CVC Credit secured refinancing for Kanalservice Gruppe (KSG) and completed the concurrent merger of Grupo Sasti into KSG, creating a pan-European critical infrastructure services platform with dual legal counsel from Latham & Watkins and GÖRG.
- • CVC Credit acted as sole lender on the financing facility, structured with committed incremental debt capacity to support KSG's systematic buy-and-build acquisition strategy across European markets.
- • The merged entity establishes KSG as a leading full-service provider of critical infrastructure services, streamlining operations and enhancing financial stability for both companies post-transaction.
- • Ufenau Capital Partners advised funds in the transaction, with Eight Advisory supporting KSG on market consolidation efforts, including earlier Dutch market acquisitions to strengthen service capabilities.
- • The refinancing closed on June 17-18, 2026, with Latham & Watkins' corporate finance team led by partner Alexandra Hagelüken and associate Anna-Maria Kuckerz handling the transaction structure and debt facility terms.
Summary
CVC Credit has completed the refinancing and concurrent merger of Kanalservice Gruppe and Grupo Sasti, creating a consolidated pan-European critical infrastructure services platform. The transaction, which closed in mid-June 2026, represents a significant consolidation in the European critical infrastructure sector and reflects the growing trend of debt-backed strategic combinations among mid-market service providers.
CVC Credit served as sole lender on the financing facility, providing refinancing for both companies' existing debt obligations while structuring committed incremental debt capacity to support KSG's ongoing buy-and-build acquisition strategy. This dual-purpose financing approach—combining refinancing with acquisition capacity—reflects modern private credit structures designed to fund both debt reduction and organic growth initiatives. Ufenau Capital Partners advised the equity sponsors on the transaction, while Eight Advisory supported KSG on market expansion, including prior acquisitions aimed at strengthening the combined entity's footprint in Dutch and other European markets.
The merged entity, operating under the KSG banner, positions itself as a leading full-service provider of critical infrastructure services across Europe. The transaction's strategic rationale centers on operational streamlining, enhanced financial stability, and scale benefits typical of platform consolidations in the infrastructure services sector. By combining complementary operations and eliminating redundancies, the merged platform is designed to achieve cost synergies while expanding service offerings across its European footprint.
Legal counsel played a central role in structuring the transaction. Latham & Watkins advised CVC Credit on the financing and merger mechanics, with the deal team led by partner Alexandra Hagelüken and associate Anna-Maria Kuckerz. GÖRG separately advised Kanalservice Gruppe, providing comprehensive legal guidance on financing structuring and transaction execution. This dual-counsel approach reflects the complexity inherent in cross-border refinancings combined with operational mergers.
The transaction underscores CVC Credit's positioning as a provider of flexible, structured debt solutions for mid-market consolidations in essential service sectors. The committed incremental facility structure—designed to support systematic acquisitions—signals CVC Credit's confidence in KSG's integration capabilities and market consolidation opportunities within critical infrastructure services.
CVC Credit served as sole lender on the financing facility, providing refinancing for both companies' existing debt obligations while structuring committed incremental debt capacity to support KSG's ongoing buy-and-build acquisition strategy. This dual-purpose financing approach—combining refinancing with acquisition capacity—reflects modern private credit structures designed to fund both debt reduction and organic growth initiatives. Ufenau Capital Partners advised the equity sponsors on the transaction, while Eight Advisory supported KSG on market expansion, including prior acquisitions aimed at strengthening the combined entity's footprint in Dutch and other European markets.
The merged entity, operating under the KSG banner, positions itself as a leading full-service provider of critical infrastructure services across Europe. The transaction's strategic rationale centers on operational streamlining, enhanced financial stability, and scale benefits typical of platform consolidations in the infrastructure services sector. By combining complementary operations and eliminating redundancies, the merged platform is designed to achieve cost synergies while expanding service offerings across its European footprint.
Legal counsel played a central role in structuring the transaction. Latham & Watkins advised CVC Credit on the financing and merger mechanics, with the deal team led by partner Alexandra Hagelüken and associate Anna-Maria Kuckerz. GÖRG separately advised Kanalservice Gruppe, providing comprehensive legal guidance on financing structuring and transaction execution. This dual-counsel approach reflects the complexity inherent in cross-border refinancings combined with operational mergers.
The transaction underscores CVC Credit's positioning as a provider of flexible, structured debt solutions for mid-market consolidations in essential service sectors. The committed incremental facility structure—designed to support systematic acquisitions—signals CVC Credit's confidence in KSG's integration capabilities and market consolidation opportunities within critical infrastructure services.
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