ACP Mezzanine Limited (ACP Mezzanine) was listed on AIM in July 2006 through an equity raising of €100 million and acts as a multi-strategy, sub-investment grade lender to small and mid-cap companies in continental Europe . ACP Mezzanine focuses on asset-backed mezzanine investments, such as commercial and residential real estate and infrastructure, and non-asset backed mezzanine, including leveraged loans, high yield bonds, second lien loans and credit default swaps.
Serving through a subsidiary as the investment manager and providing strategic advice, ACPCapital intends to provide a total funding solution to clients, with ACP Mezzanine's sub-investment grade lending capabilities complementing ACP Capital's provision and arrangement of senior debt and equity funding. ACP Mezzanine acts as the preferred counterparty for mezzanine lending to ACP Capital's Managed Vehicles and also has the ability to originate, structure and underwrite the majority of its own lending book with a view to securing ongoing streams of income.
In December 2006, ACP Mezzanine undertook its first underwriting transaction alongside ACP Capital, jointly underwriting a €100 million debt package for Nordsee GmbH, Europe 's largest fish specialty restaurant chain which is now owned by IFR Capital. This loan has since then been partly repaid.
ACP Mezzanine currently has the capability to underwrite up to a maximum of €75 millon in any given transaction.
Wolfgang Mellinghoff has recently been appointed as Non-Executive Director of ACP Mezzanine.
ACP Mezzanine first year results summary to 31 December 2006
For the complete results, please see the investor information page.
ACP Mezzanine Financial Highlights |
31/12/2006 |
Revenue |
€3.0 m |
Profit |
€2.0 m |
Diluted earnings per share |
2.0c |
Assets |
€107.5m |
Cash |
€15.8m |
Net Asset Value per share |
€0.98 |
ACP Mezzanine Portfolio
ACP Mezzanine Portfolio |
31/12/2006 |
Total Portfolio: |
€107.5m |
Number of Assets held |
14 |
Number of Issuers |
10 |
Average Exposure |
€7.7m |
Largest Asset |
€40.0m |
Smallest Asset |
€1.2m |
Asset Type: |
|
Corporate SME |
59% |
RMBS |
7% |
CDO |
34% |
Total |
100% |
Rating: |
|
BB |
32% |
B |
8% |
NR |
60% |
Total |
100% |
Geography: |
|
UK |
12% |
Germany |
56% |
Other |
32% |
Total |
100% |
Currency: |
|
EUR |
86% |
GBP |
12% |
USD |
2% |
Total |
100% |