Investment size
€30.9m
Investment type
Secondary
Initial Investment
September 2013
Country
France
Industry
Commercial services & supplies
Borrower Overview
- Worldwide #1 manufacturer of metal shelving equipment and counters, dedicated to in-shop furniture
- Amend to Extend transaction completed after the summer 2013, with Senior Debt available at discount from a limited number of Lenders
Deal Description
- Customers’ shop investments put to a halt in developed countries following retail environment deterioration, hampering results and requiring operational adjustment
- Limited Senior debt supply post Amend to Extend as previous debt disposals occurred before restructuring, combined with looming competition in Senior debt purchase
Kartesia Contribution
- Very good knowledge of the asset, from (i) team member’s former Mezzanine lender role in the Company, (ii) Altercap Funds’ previous investment in HMY Senior Debt and (iii) very good relationship with the Sponsor (Sagard)
- After thorough diligence, we assessed that performance had bottomed-down, with historically low sales and Ebitda level, to be compared to positive perspectives from customers to resume shop investments and promising Chinese JV
Results
- Attractive entry-leverage of investment (4.4x), with a clear recovery path to improve risk profile of the Senior debt
- HMY has been exited at par in Q2 2017 following the sale of the Company
Read more about the transaction in our newsroom