"Redbridge’s support was decisive in coordinating the various stakeholders, obtaining very satisfactory terms and conditions, and optimizing the operational functioning of our program, all within a tight schedule."

Nicolas Rigaudière
Director of Subsidiaries’ Treasury Services

Engagement overview

  • Factoring program renewal in spring 2023 for the program implemented in 2012 and amended multiple times.
  • Program size > €100m.
  • Scope – 11 selling entities based in France, industry scope.


  • Reduce the all-in cost.
  • Maintain the off-balance sheet feature of the program.
  • Optimize the operational program’s efficiency.


  • Significant improvement in pricing conditions.
  • Validated off-balance sheet treatment by auditors.
  • Optimized operational program’s efficiency (netting, assignments and financings schedule, collection plan, etc.).


  • Upstream phase: analyze accounts receivable and the existing agreement.
  • Initiate consultation process with 6 factors based on the upstream analysis and a target Term Sheet.
  • Negotiate conditions on a bilateral basis with each factor.
  • Finalize definitive Term Sheet and definitive technical specifications document, based on which the selected factor was invited to the credit committee.
  • Prepare final documentation in collaboration with the statutory auditors to pre-validate the program’s off-balance treatment.

Redbridge’s added value

  • Thorough analysis of the accounts receivable to precisely determine the Group’s needs and propose a suitable target Term Sheet.
  • In-depth understanding of the factoring market conditions to identify areas for improvement of the existing agreement and critically evaluate the initially proposed structures by the factors.
  • Bilateral negotiation process to reach an agreement on the terms to deliver the best financial conditions and legal terms.
  • Oversight of the timetable and “fast track” process.
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