Oaktree takes majority stake in SGD

US buy-out fund Oaktree Capital will become the majority shareholder of perfume and pharmaceutical bottle manufacturer SGD, following the group’s debt restructuring.

The deal sees the company and its 70-bank syndicate have agreed a deal for Oaktree to inject €140m of fresh funds and take an 80% stake in SGD’s equity. SGD’s creditors will take a 20% stake in exchange for writing off 63% of the group’s debt, reducing it to €225m. SGD had been struggling with its debt since 2008.