Goldman Sachs is pre-marketing a refinancing deal for Carlyle-backed ADB Safegate, sources told 9fin, only a few months after the sponsor considered selling the Belgian airport systems and equipment company.

The transaction will tackle ADB’s entire debt stack, including the $132m cash-pay second lien facility from Carlyle’s 2017 buyout, the €344m 2026 TLB (including a €85m add-on) and a $143m 2026 TLB, sources added.

The TLBs were extended in 2022 in exchange for a 125bps margin uplift to E/S+475bps, with a 50bps margin uplift on the junior debt, a €40m equity injection from Carlyle, and an extension of ADB’s €80m RCF maturity to 2025.

The refi follows Caryle failing to offload the company between last year and early 2025, having been invested in it for over seven years.

A source close said ABD Safegate has seen strong momentum in recent years given a backdrop of increased sector demand.

The sponsor mandated Goldman Sachs as sell-side advisor, 9fin reported at the time, with banks stapling a €500m debt package to support ADB’s acquisition.

The potential buyout was based on €1bn of EV and 10x of EV multiple, lower than the 11x Carlyle paid in 2017 to PAI Partners.

Several funds, including Lone Star, showed interest in ADB, but sources said at the time a gap between bidder and seller valuations was stalling the discussions.

Founded in 1920 by Adrien de Backer, ADB Safegate specialises in airfield ground lighting, airport tower systems, docking guidance, and intelligent airport management systems.

ADB serves more than 2,700 airports across 175 countries, has over 1,400 employees, production facilities in Belgium, Germany, USA and China and a software development centre in Austria.

Carlyle declined to comment. Goldman Sachs and ADB Safegate did not respond to requests for comment.