CVC Credit has orchestrated the refinancing and merger of Kanalservice Gruppe (KSG) and Grupo Sasti, forming a pan-European critical infrastructure services platform. The private credit arm acted as sole lender for funds managed by Ufenau Capital Partners, completing a transaction that consolidates two infrastructure services businesses across European markets.

The financing includes committed follow-on capital to support the enlarged group's buy-and-build strategy, while CVC structured the deal to provide flexibility for future acquisitions. This represents another collaboration between CVC and Ufenau, following previous partnerships where the credit firm backed the Swiss-based private equity sponsor's investments.

Christine Weis, managing director in CVC's private credit team, highlighted that KSG benefits from highly predictable cash flows driven by recurring demand for essential infrastructure services. The company maintains a substantial customer base with repeat business, providing stable revenue streams typical of critical infrastructure maintenance and operations.

The merger creates scale in a fragmented market segment, combining complementary service offerings across multiple European jurisdictions. For investors, the deal demonstrates private credit's growing role in financing consolidation plays within defensive infrastructure sub-sectors, offering both immediate yield and potential for multiple expansion through strategic growth.