Growth & Leveraged Finance deals


Saal logo


The deal


Investec provided super senior debt financing to support Ardian’s acquisition of Saal Digital, a leading online platform for high-end photo products in Europe.


Saal Digital, which is based in Germany and founded in 1986 by Reinhard Saal, is a leading online platform for high-end photo products. Customers are professional photographers and photo enthusiasts who are looking for the leading standards in photography. Saal offer a comprehensive portfolio of highly customisable products, including photo books, photo prints, posters, calendars, greeting cards and wall decors. 

Our role

We were able to deliver a sizeable take-and-hold amount well in advance of the bid deadline, which provided Ardian with certainty on its funding requirements for the transaction. As an existing lender to Photobox, Investec knows the online photo sector well, which allowed us to establish the Credit quality of Saal in a short timeframe. The financing allows Ardian to acquire the Company, with a view to further expand its business activities internationally.

Kai Stengel

Growth & Leveraged Finance