Investment size
€15.0m
Investment type
Primary
Initial Investment
March 2015
Country
Austria
Industry
Textiles, Apparel & Luxury Goods
Borrower Overview
- Top 5 global technical textiles manufacturer with a European/Asian production footprint
- Global distribution network, spanning across >20 countries
Deal Description
- Initially approached by M&A advisor to provide financing for secondary LBO
- Directly liaised with existing sponsor to push our dividend recap solution as an alternative
Kartesia Contribution
- Complex underlying market requiring thorough commercial due diligence, co-ordinated by Kartesia
- Upcoming strategic options required flexibility on timing and structure of the financing and process
- Stability of Kufner’s core business was able to successfully defend pricing due to quality in service
Results
- Historically interlaced group and financing structure addressed by a segregated, ring fenced Unitranche
- Patience (nine months) and flexibility enabled sponsor to distribute sizeable dividend to its LPs, whilst maintaining full control of the company
- Kufner‘s debt has been repaid in full on in December 2017 upon the sale of the company
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