MeinAuto Group successfully completes debt refinancing to support growth

MeinAuto Group successfully completes debt refinancing to support growth

- MeinAuto Group completes debt refinancing with new 7-year, €175 million Term Loan B via sole mandated lead arranger and sole bookrunner, Bank of America Europe DAC

- MeinAuto Group is the leading online platform for digital new car sales in Germany

- MeinAuto Group continued its strong growth trajectory in H1 2021, recording €118.5 million in adjusted revenues, an adjusted EBITDA of €18.5 million, and a continued increase in active subscriber numbers in both its B2B and B2C segment to 47,224

Munich, 6 October 2021 - MeinAuto Group AG, the leading online platform for digital new car sales in Germany, today announced the refinancing of its existing €140 million debt facility with the net proceeds of a new 7-year, €175 million Term Loan B maturing in 2028. The new facility will provide the Company with incremental financial flexibility and simultaneously reduce the company's annual interest payments by approximately €2.5 million. The proceeds of the new Term Loan were applied to repay the outstanding debt facility and pay related transaction fees and expenses, with the remainder to be used to finance the continued expansion of MeinAuto Group's profitable business.

Guus Stoelinga, CFO of MeinAuto Group: "We are pleased to complete this refinancing, which strengthens our balance sheet, increases our free cash flow and provides additional financial flexibility to continue our growth plans. This includes investments in online marketing and branding, as well as expanding our vehicle subscription pool. We are excited to have been able to refinance our existing credit facility and raise incremental capital as we continue to reshape the online new car market and reinforce our position as the leading online platform for digital new car sales in Germany."

MeinAuto Group offers a transparent search and smart comparison for more than 40 brands and 500 new car models, delivered in a convenient and fully digital online buying process and optionally supported by expert sales consultants. Customers can choose from a wide variety of purchase options focusing on flexible subscription solutions, including comprehensive mobility services. In H1 2021, MeinAuto Group registered 17.5 million visits on its MeinAuto.de website. During the same period, the company grew its active subscriber base to 47,224 and generated a total of 17,980 new car orders in both its B2C and B2B segment.

In H1 2021, MeinAuto Group continued its strong and profitable growth (on an adjusted EBITDA basis). In the first six months of 2021 the Group's adjusted revenue^[1] grew by 21% to €118.5 million (H1 2020: €97.9 million) and adjusted EBITDA^[2] grew by 28.5% to €18.5 million (H1 2020: €14.4 million). During the same period, the Group's B2C segment grew by 29.5%, generating adjusted revenues of €69.8 million (H1 2020: €53.9 million), while the Group's B2B segment grew by 10.7% to €48.7 million (H1 2020: €44.0) million.

With the strong performance of its B2C segment, the Group has continued to outgrow the German new car market. Even as new car registrations in Germany decreased by 19%^[3] from 2019 to 2020 due to Covid-19 related effects, B2C subscription orders on MeinAuto.de increased by 40%.

Bank of America Europe DAC acted as lead arranger and bookrunner for the transaction.

About MeinAuto Group

MeinAuto Group is the leading online platform for digital new car sales in Germany. In a market where customers are increasingly looking online for usership rather than ownership solutions, the MeinAuto Group brands offer a fully digital, affordable, and transparent monthly subscription for new vehicles and comprehensive services for all relevant brands and models in the German market. MeinAuto Group is headquartered in Oberhaching near Munich, employs around 380 people and achieved revenues of more than €200 million in 2020. For more information please visit www.meinauto-group.com.

Media contact

Christoph Erhard
Kekst CNC
Phone: +49 173 530 9425
Email: Christoph.Erhard@kekstcnc.com

^[1] Adjusted Revenue means revenue of our reportable segments less (i) revenue from sales of previously subscribed vehicles, plus (ii) costs of sale in relation to direct vehicle sales and (iii) income from release of vehicle related provisions.
^[2] Adjusted EBITDA means net loss before interest, taxes, depreciation and amortization adjusted to include costs directly related to the subscribed vehicles, especially interest expenses for the financing of the vehicles and depreciation of the vehicles and excludes group refinancing structuring cost, legal and consulting fees related to non-ordinary course of business, structuring-/transaction costs, cost for the realignment of sales and business processes and other non-recurring adjustments, which management does not believe reflect the regular operating performance of MeinAuto Group's core business.
^[3] "MeinAuto Group commercial study", February 2021, Roland Berger