Ashurst advised AddGuests, a European specialist in online booking of outdoor accommodation operating the Campings.com and Bungalow Specials platforms, on the implementation of a refinancing intended to replace several existing credit lines and support the continuation of its growth in Europe.
The transaction combines a €10 million unitranche financing provided by Sienna Investment Managers ' Impact Social Fund and a €5 million bank revolving credit facility granted by French banks. The Sienna financing, with a five-year maturity, is linked to social performance objectives concerning the proportion of employees with disabilities within AddGuests ' workforce as well as employee training. Under the incentive mechanism in place, the interest rate may vary by 25 basis points depending on the achievement of these targets. These indicators were defined following a social audit conducted by Grenel Stratégie & Management. The Impact Social Fund, classified Article 9 under SFDR and endowed with €112 million, is making its first unitranche investment here.
Advised by Redbridge Debt & Treasury Advisory on debt aspects, this refinancing strengthens AddGuests' financial structure and supports its organic and external growth in the outdoor stays segment in Europe, following in particular the acquisition of Bungalow Bunker in early 2023.
The Ashurst team was led by Eric Fiszelson (partner), assisted by Audrey Lesage (counsel) and Louis Regnard (associate) in Global Loans, and by Elsa Decourt (counsel) in corporate in Paris, as well as by Maxime Nuyts (associate) in Global Loans in Brussels.
