TDR Capital has acquired Acqua & Sapone with €850,000,000 High Yield Bond
Acqua & Sapone
Acqua & Sapone is the largest non-food discount retailer in Italy, selling a wide range of household and personal care products at value prices. The company operates more than 750 stores across Italy with a consolidated turnover above €1.1 billion.
The Deal
The financing, totaling €980m, composed of €850m of High Yield Bond and €130m of revolving credit facility, was underwritten by a pool of major international banks including Barclays (B&D), Deutsche Bank, UniCredit, Intesa, Natixis and BPER. The High Yield Bond financed the secondary buyout of Acqua & Sapone by TDR Capital, which has acquired a majority stake in the Company with the aim of consolidating its market leadership position in the retail sector of home and personal care products. Lincoln International acted as exclusive debt advisor to TDR Capital, supporting the fund in arranging the financing package.
Our Perspective
Daniele Candiani, Lincoln International Managing Director who led the transaction, commented, “We are honored to have assisted TDR in such an outstanding High Yield Bond financing in the Italian market. Thanks to our knowledge of the company and our market insights, we have been able to secure an excellent financing package to help TDR win the deal.”
We are pleased to have had Lincoln as our advisor on this transaction. Their expertise in identifying the optimal financing solution was invaluable and we greatly appreciate their unwavering dedication and support throughout the process. Lincoln’s insight and commitment played a pivotal role in the success of this acquisition and we look forward to future collaborations with them.
Meet our Senior Team
By linking my experience in debt advisory and mergers and acquisitions, I look forward to delivering flexible and innovative financing solutions to make an impact that matters with long-term target clients, as Lincoln does best.
Daniele Candiani
Managing Director & Co-head of Capital Advisory, Europe
Milan
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Any information or testimonials contained in this post may not be representative of the experience of other clients and is no guarantee of future performance or success.