The transaction is one of very few securitisations in Poland with no supranational involvement

London – September 20, 2022 – Global professional services firm, Alvarez & Marsal (“A&M”), has successfully arranged the first leasing warehouse in Poland for the car leasing business, Vehis. The deal is worth a total of PLN 1.3bn (EUR 270m).

Prior to the deal, Vehis had been successfully expanding using a combination of private equity sponsorship, factoring and bank financing support. Since its foundation in 2019, the company has subsequently grown to the point at which a strategic warehouse transaction was a highly attractive option for growth. 

The structure of this securitization combines a bankruptcy-remote special purpose vehicle structure with a spec structure and operating company lending as part of the same overall facility. 

The executed transaction was a private cash warehouse securitisation of auto leases, including residual value. Senior and mezzanine investors invested in the respective note classes issued by a de novo special purpose vehicle, while the equity was retained by Vehis.

The transaction is one of very few securitisations in Poland with no supranational involvement.

The transaction has enabled the company to access cost effective financing at significant volume to allow continued strong growth. It also has the benefit of providing further diversification of financing sources and is compatible with Vehis’s existing business structure.

Robert Bradbury, Head of Structured Credit Execution and Advisory at Alvarez & Marsal said: “This transaction is one of very few securitisations in Poland with no supranational involvement. It demonstrates Alvarez & Marsal’s ability to present solutions that are unique to the client.”

Andrew Orr, Head of the Portfolio Advisory Group at Alvarez & Marsal said “The Vehis deal is another significant transaction for the practice as we continue to grow our offering in the structured credit market. The highly tailored structure is further evidence of our bespoke approach to every deal.”

Grzegorz Tracz, Chief Executive Officer of Vehis said: “From the very beginning, we aimed to become one of the leaders in the Polish car and leasing market. With a unique business model and a excellent product, we had the ability to grow fast. Now we have obtained financing which will allow us to significantly increase the scale and give our customers the full benefit of car ownership, bypassing any unnecessary hassle.”

Jan Bujak, Chief Financial Officer of Vehis said: “The structure of this securitization transaction is pioneering in the Polish market. The number of entities involved, and the complex nature of the transaction, made the preparation process long and difficult. However with a support of the Alvarez & Marsal experts, it was successfully completed.”

About Alvarez & Marsal

Companies, investors and government entities around the world turn to Alvarez & Marsal (A&M) for leadership, action and results. Privately held since its founding in 1983, A&M is a leading global professional services firm that provides advisory, business performance improvement and turnaround management services. When conventional approaches are not enough to create transformation and drive change, clients seek our deep expertise and ability to deliver practical solutions to their unique problems.

With over 6,000 people across four continents, we deliver tangible results for corporates, boards, creditors, private equity firms, law firms and government agencies facing complex challenges. Our senior leaders, and their teams, leverage A&M’s restructuring heritage to help companies act decisively, catapult growth and accelerate results. We are experienced operators, world-class consultants, former regulators and industry authorities with a shared commitment to telling clients what’s really needed for turning change into a strategic business asset, managing risk and unlocking value at every stage of growth.

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