CASE CASSIOPEA advised Smovengo on its inaugural asset-backed financing

CASE CASSIOPEA advised Smovengo on its inaugural asset-backed financing.

 CASE CASSIOPEA acted as debt advisor to Smovengo ("Smovengo" or the "Company") on its inaugural asset-backed financing, raised for general corporate purposes. The financing was structured around a bespoke security package leveraging the contract-backed fixed royalties of the Vélib' contract.

 Smovengo is the exclusive operator of the self-service bicycle scheme of the Métropole du Grand Paris (Vélib') since 2018, under a public contract with the public authority AGEMOB, running until 2032. 

 Vélib' is the largest self-service bicycle scheme in operation worldwide with c.1,500 stations in +65 cities in the Paris region and 20,000 bicycles.

 In 2024, Smovengo became a wholly owned subsidiary of the leading car park operator Indigo Group, in a transaction already advised by CASE CASSIOPEA. 

 "This transaction marks CASE CASSIOPEA Paris' new debt advisory mandate, evidencing the ambition of CASE CASSIOPEA to deliver both M&A and Debt advisory to its clients as announced back in March 2026. It also reflects the strength of our long-standing relationship with Indigo Group, which we are proud to have advised multiple transactions over the past 2 years, of which 4 have closed." commented Nicolas de Canecaude, Managing Partner of CASE CASSIOPEA.

 "From structuring to execution, we worked hand-in-hand with Smovengo and Indigo to design a tailored solution and sustain competitive tension throughout the process. The strong appetite shown by the lending banks is a clear testament to their confidence in Smovengo's business model and in the backing of Indigo Group as its shareholder. The result is a financing aligned with the contract's economics and the Company's objectives," added Jérémy Fournier, Partner in the debt advisory practice at CASE CASSIOPEA.

 Herbert Smith Freehills Kramer assisted Smovengo in connection with the financing documentation.