London, 24 April 2024 – Permira Credit, one of Europe’s leading alternative credit providers, today announced that funds it advises are acting as sole senior secured lender to OMERS Private Equity’s portfolio company, Bionic. The transaction underscores Permira Credit’s focus on high-quality, growing businesses and builds on the broader Permira platform’s longstanding track record of investing in the business services sector. The news also comes amid the wider growth of Permira Credit, which has seen its AUM grow by more than three times over the past five years, and as demand for private credit solutions continues to increase.
Bionic is a leading UK business essentials comparison service founded in 2007, now serving nearly 200,000 SMEs. The company combines smart technology with client-first human service to help customers navigate the complexities of business contracts in energy, insurance, telecoms and finance. Bionic also provides the business energy switching service for leading price comparison websites including Compare the Market, uswtich and Money Super Market.
Collectively, Permira Credit funds have invested approximately €15bn in direct lending across Europe. Since its establishment in 2007, Permira Credit has partnered with more than 300 businesses to support their growth.
Today’s news follows several recent key growth milestones for Permira Credit, including:
- The successful pricing of its tenth Providus CLO at €379.5 million in March 2024;
- The appointment of David Hirschmann and Ariadna Stefanescu as Co-Heads of Permira Credit in January 2024;
- The successful completion of fundraising for its fifth direct lending fund in 2023, with €4.5bn of investable capital for the strategy.
Josh Watts, Investment Director at Permira Credit, said: “We are pleased to be backing both an established sponsor and a quality business in OMERS Private Equity’s portfolio company Bionic. We believe that the company is well positioned for success given its strong value proposition and leading platform.”
Claire Harwood and Jens Bauer, Managing Directors and Co-Heads of the Direct Lending Investment Team at Permira Credit, added: “Our Direct Lending strategy continues to play an integral part in deal financing across Europe as we see traditional lenders retrench further. As interest rates show signs of stabilisation and inflation comes under control, we anticipate that market activity will continue to pick up throughout 2024 and we are eager to remain active in the market as this trend emerges.”
