Abenex-backed RG Safety in €50m refinancing

As part of the transaction, the group renewed both senior and mezzanine facilities, which had been put in place with the original deal in 2012.

The new debt package is made up for the most part of €50m in transferable senior debt provided by banks already lending to the group - LCL, BNP Paribas, Societe Generale - as well as Crédit Agricole Centre Est and debt fund Artemid.

French publication Les Echos reported that the debt represents a 3.5x EBITDA multiple.

The refinancing will allow the group to carry on with external acquisitions, progressively increasing the size of the company. In early 2016, RG Safety bolted on Italian competitor A+A Monferrato.

Previous funding
In March 2013, Abenex acquired RG Safety from industrial holding Salvepar, taking a majority stake in a deal valued between €100-250m. At that time, Salvepar held 19.8% of RG Safety, worth €8.9m. The transaction included a price supplement that was determined later in 2013, further adding to Salvepar's proceeds. The company currently generates revenues of around €180m, up from €156m at the time of acquisition.

Company
Founded in 1987, RG Safety specialises in personal protection equipment used by workers in various industries. The company has 30,000 products in its catalogue and 29 agencies under management.

Advisers 
Company - DC Advisory, Nicolas Cofflard, Sarah Masson (corporate finance); DLA Piper, Xavier Norlain, Cécile Szymanski, Anaïs Vidal, Maud Manon, Glenda Pereire-Robert, Guillaume Valois, Charles-Antoine Del Valle (legal, tax); Deloitte, Eric Boucharlat, Thomas Gorguis (financial due diligence); Indefi, Julien Berger, Mehdi Belefqih (commercial due diligence).
Debt - De Pardieu Brocas Maffei, Christophe Gaillard, Sébastien Boullier-de-Branche (legal).  

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• Topics
• Refinancing
• France
• Refinancing
• France