Adapteo Group (“Adapteo” or the “Company”) is the leading* provider of premium modular space solutions in Northern and Central Europe for social infrastructure use cases including schools, daycares, healthcare facilities, housing, and beyond – supporting both temporary and permanent needs.

Adapteo’s business model is deeply rooted in sustainability, with a strong emphasis on circularity and environmental responsibility. Their innovative approach enables communities to access high-quality infrastructure quickly and efficiently, while minimising environmental impact.

The Company has roots back to the 1950s and has been majority-owned by Infrastructure at Goldman Sachs Alternatives since 2021.

NatWest delivered a “full-service” debt advisory solution which included a debut investment-grade private letter rating, establishing an industry-first green financing framework backed by a second party opinion, and the issuance of a debut private placement to both European and US investors.   

The bank has supported Adapteo with significant balance sheet commitments since initial acquisition, and as part of this transaction secured approvals to support the next phase of growth with a Tier-1 balance sheet commitment.

The new innovative structure introduces a flexible and scalable investment grade platform, empowering Adapteo to accelerate its growth strategy and continue delivering high-quality infrastructure solutions.

NatWest acted as Joint Debt Advisor, Rating Advisor, Private Placement Agent, Sole Sustainability Advisor, and Mandated Lead Arranger.

This transaction builds on NatWest’s longstanding relationship with Adapteo and Goldman Sachs Alternatives [LF1] having acted as Sole Debt Advisor to Goldman Sachs Alternatives on the acquisition in 2021, raising €980m of facilities, and to Adapteo on two subsequent debt raises in 2023 and 2024, bringing total debt facilities to €1.38 billion prior to this refinancing.

Dan Levine, Chief Financial Officer, said: “We are delighted to have worked with NatWest on this landmark transaction. Their rating and sustainability specialists were critical to securing our investment grade rating and in establishing our new green financing framework, which reflects both the strength and the intrinsically circular nature of our business model. The overwhelming interest from leading infrastructure banks and investors positions us to further scale our impact across Northern and Central Europe.”

Gazal Heda, Head of Debt Advisory, NatWest, said: “This transaction demonstrates the strength of NatWest’s one-bank advisory model – by integrating debt advisory, rating, sustainability and private placement support, we’ve partnered with Adapteo to establish a scalable, investment grade platform that supports long-term growth while further embedding their leading ESG principles. It’s been a pleasure working with both teams, and we look forward to continuing the partnership”

David Basra, Head of Structured Finance, NatWest, said: “This transaction reflects our continuing commitment to supporting our clients with integrated solutions across advisory and balance sheet, tailored at each stage to their objectives through the entire asset ownership and growth lifecycle. We’re pleased to have worked closely with Adapteo once again on this landmark refinancing.”

Finance is subject to status. Security may be required. Product fees may apply.

Sustainable financing and facilitation represent only a relatively small proportion of NatWest Group’s overall financing and facilitation activities. Details of our financing and facilitation activities and associated emissions can be found in the NatWest Group – 2024 Sustainability Report (sections ‘Estimates of financed emissions’ (p.41) and ‘Estimates of facilitated emissions from bond underwriting and syndicated lending’ (p.45)).