GE Capital EMEA has signed a 160m agreement with French industrial supplies distributor IPH Group to provide receivables financing for the company in France, Germany and the Netherlands.
GE will use a special purpose vehicle (SPV) structure in order to underwrite and hold 100% of the facility, and the agreement will give IPH access to the committed facility for six years.
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Maurice Benisty, chief commercial officer of GE Capital said: "Our cross border product set targeted at both private equity and corporate borrowers includes factoring, corporate asset back lending, revolving credit facilities and in this case securitisation through an SPV structure.
"The IPH transaction is a landmark deal for us and we look forward to replicating its success across Europe."
GE said its SPV structure is targeted at European companies with an annual turnover of over 250m and with subsidiaries in a wide range of European countries including Germany, Belgium, the Netherlands, Luxembourg, Spain, France, Italy, Norway, Finland, Sweden, Poland, United Kingdom and Switzerland.
The deal was signed on the same day IPH was acquired by private equity firm PAI.
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