MeinAuto Group successfully completes debt refinancing to support growth

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DGAP-News: MeinAuto Group AG / Keyword (s): Corporate Action
06.10.2021 / 08:00
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MeinAuto Group successfully completes the refinancing of its debt to support its growth

The MeinAuto group completes the refinancing of its debt with a new B term loan of 175 million euros over 7 years via the sole mandated lead manager and sole bookrunner, Bank of America Europe DAC

– MeinAuto Group is the leading online digital sales platform for new cars in Germany

– The MeinAuto group continued its strong growth trajectory in the first half of 2021, recording adjusted revenue of 118.5 million euros, adjusted EBITDA of 18.5 million euros and a continuous increase in the number of ” active subscribers in its B2B and B2C segments to 47,224

Munich, October 6, 2021 – MeinAuto Group AG, Germany’s leading online digital new car platform, today announced the refinancing of its existing € 140 million credit facility with the net proceeds of a new B term loan € 175 million over 7 years, maturing in 2028. The new facility will provide the company with additional financial flexibility and simultaneously reduce the company’s annual interest payments by approximately € 2.5 million. The proceeds from the new term loan were used to repay the outstanding credit facility and to pay transaction fees and related expenses, with the remainder to be used to fund the continued expansion of the profitable business of the MeinAuto Group.

Guus Stoelinga, CFO of the MeinAuto group: “We are delighted to complete this refinancing, which strengthens our balance sheet, increases our free cash flow and provides additional financial flexibility to pursue our growth plans. This includes investments in online marketing and branding, as well as expanding our pool of vehicle subscriptions. We are delighted to have been able to refinance our existing credit facility and raise additional capital as we continue to reshape the online new car market and strengthen our position as the leading online digital new car sales platform in Germany. ”

MeinAuto Group offers seamless search and smart comparison for over 40 makes and 500 new car models, delivered in a convenient, fully digital online shopping process and optionally supported by expert sales consultants. Customers can choose from a wide variety of purchasing options focused on flexible subscription solutions, including full mobility services. In the first half of 2021, MeinAuto Group recorded 17.5 million visits to its MeinAuto.de site. During the same period, the company increased its active subscriber base to 47,224 and generated a total of 17,980 new car orders in its B2C and B2B segments.

In H1 2021, MeinAuto Group continued its strong and profitable growth (on an adjusted EBITDA basis). In the first half of 2021, the Group’s adjusted revenue[1] increased by 21% to 118.5 million euros (H1 2020: 97.9 million euros) and adjusted EBITDA[2] increased by 28.5% to 18.5 million euros (H1 2020: 14.4 million euros). During the same period, the Group’s B2C segment grew by 29.5%, generating adjusted revenue of 69.8 million euros (H1 2020: 53.9 million euros), while the Group’s B2B segment increased by 10.7% to € 48.7 million (H1 2020: € 44.0) million.

On the strength of the good performance of its B2C segment, the Group continued to overtake the German new car market. Even though new car registrations in Germany fell by 19%[3] from 2019 to 2020 due to the effects of Covid-19, B2C subscription orders on MeinAuto.de increased by 40%.

Bank of America Europe DAC acted as lead arranger and bookrunner for the transaction.

About the MeinAuto group

MeinAuto Group is the leading online platform for the digital sale of new cars in Germany. In a market where customers are increasingly looking online for user rather than proprietary solutions, MeinAuto Group brands offer fully digital, affordable and transparent monthly subscription for new vehicles and full services for all brands. and models relevant to the German market. MeinAuto Group is headquartered in Oberhaching near Munich, employs around 380 people and achieved a turnover of over 200 million euros in 2020. For more information, please visit www.meinauto-group.com.

Media contact

Christoph erhard
Kekst CNC
Telephone: +49 173 530 9425
Email: [email protected]

[1] Adjusted revenue means revenue from our segments to be presented less (i) revenue from sales of previously purchased vehicles, plus (ii) costs of selling related to direct sales of vehicles and (iii) revenue from reversal of vehicle-related provisions.
[2] Adjusted EBITDA means the net loss before interest, taxes, depreciation and amortization adjusted to include the costs directly related to the vehicles purchased, in particular the interest costs for the financing of the vehicles and the depreciation of the vehicles and excludes the costs of structuring of the group’s refinancing, legal and advisory fees related to the unusual course of business, structuring / transaction costs, costs of realigning sales and business processes and other one-time adjustments, which management believes , do not reflect the regular operational performance of the core business of the MeinAuto group.
[3] “MeinAuto Group commercial study”, February 2021, Roland Berger

06.10.2021 Distribution of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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