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Charterhouse, Impala give up Levantina stake to banks Charterhouse, Impala give up Levantina stake to banks

24 May 2010. Source: AltAssets
The UK’s Charterhouse Capital has given up a share of its stake in marble tiles and granite kitchen worktops maker Levantina, relinquishing equity to its banking syndicate, according to the Financial Times.

Private equity firm Charterhouse and Spain’s Impala Capital Partners acquired Levantina for €540m four years ago.

Now, Levantina’s lenders, led by BNP Paribas, have swapped their loans for a stake after the company breached its banking covenants, leaving Charterhouse and Impala with an 18 per cent stake to share.

Levantina was hit by the downturn with the dip in the housing market in its two biggest markets, the US and Spain, damaging its business.

Charterhouse and Impala are not alone – a number of private equity deals closed prior to the financial crisis have gone awry.

Bodybell, a perfume retailer controlled by Mercapital and N+1, has been told by its lenders that its Spanish private equity owners must inject more cash as part of a second debt restructuring.

Apax Partners is deliberating over the sale of Panrico, the Barcelona-based donut chain it acquired in 2005 for a reported €900m, the proceeds of which would be used to pay off the company’s loans. Alternatively, the UK buy-out group may recapitalise the investment to convince its banks to reset its covenants.

Copyright © 2010 AltAssets

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