Blackstone Credit has led a EUR 425 million unitranche financing to support Permira's acquisition of SoftwareAG Solutions, a leading enterprise resource planning (ERP) provider serving the DACH region.

Transaction Structure

The financing comprises:

• EUR 350M senior unitranche facility
• EUR 75M revolving credit facility
• Pricing at E+525bps with 1% OID

Golub Capital participated as co-lender alongside Blackstone, with the deal structured as a covenant-lite facility with springing financial covenants at 40% RCF utilization.

Target Company

SoftwareAG Solutions generates approximately EUR 180 million in annual recurring revenue from its cloud-based ERP platform, serving over 2,000 mid-market manufacturing and distribution companies across Germany, Austria, and Switzerland.

Key metrics:

• Revenue: EUR 210M (FY2025)
• EBITDA: EUR 65M (31% margin)
• Net Revenue Retention: 115%
• Total Leverage: 6.5x EBITDA

Deal Rationale

The transaction represents Permira's continued thesis on mission-critical enterprise software, following successful investments in Informatica and Genesys.

Brad Marshall, Vice Chairman of Blackstone Credit, noted: "SoftwareAG Solutions exemplifies the type of essential business software we seek to finance—sticky customer relationships, high recurring revenue, and clear paths to margin expansion."

The deal is expected to close in Q1 2026, subject to regulatory approvals.