ICG has led a €2bn private bond deal with participation from Apollo and Hayfin to refinance French funeral services firm Funecap, according to 9fin sources.

The debt was issued as senior secured bonds to a special purpose vehicle created exclusively for the financing, an ICG release states. ICG will control around 60% of the debt, sources said.

ICG described the structure as a “first-of-its-kind” and noted that the deal marks the largest direct lending transaction in France thus far in 2025.

Other large direct lending deals in France this year can be viewed in 9fin’s private credit database.

Funecap is expected to generate EBITDA of between €200m and €250m in 2025, sources said. The company is the second largest funeral services provider in France, behind OGF, and has locations across Europe and North America.

Charterhouse acquired a majority stake in the firm in 2018 before reinvesting alongside Latour Capital, which took over as lead shareholder, in 2021.

ICG has provided capital to Funecap since 2015, per the above release. Hayfin is also an incumbent lender to the business, according to 9fin data.

ICG, Apollo, Hayfin, and Charterhouse declined to comment. Latour Capital did not respond to a request for comment.