Citira raises €60M in senior secured bonds to fuel Nordic tire-services roll-up
What's the deal? Citira Group, a Nordic tire service platform owned by private equity firm NorvestorDealroom has a profile for this one. Try Dealroom →, has issued €60M in senior secured bonds. ABG Sundal CollierDealroom has a profile for this one. Try Dealroom → acted as joint bookrunner on the deal, which was priced at a coupon of 3m EURIBOR + 5.00% per annum with a tenor of roughly 3.5 years.
Citira describes itself as a leading brand-independent tire service platform offering a circular model for commercial vehicles across the Nordics and Poland, with a presence in the UK. Net proceeds will fund general corporate purposes — including acquisitions, investments, and refinancing of existing debt.
Why now? The bond issue drew strong demand from institutional investors, suggesting favourable market conditions for mid-market debt financing in Europe. Citira's acquisition-driven growth strategy likely requires fresh capital to keep its buy-and-build momentum going.
The signal: Norvestor, a Nordic investment fund with a track record in buy-and-build strategies, is using bond markets rather than equity to fuel Citira's roll-up ambitions — a sign of confidence in the platform's cash-flow profile and a bid to avoid dilution as it consolidates a fragmented commercial tire services sector across multiple geographies. The strong institutional demand at a 5% spread over EURIBOR suggests lenders see defensible value in circular-economy fleet services, even in a cautious credit environment.
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