3i-backed La Sirena completes refinancing

A banking syndicate comprising Banesto, BBVA, BES, Natixis and Rabobank provided a further €6.5m credit facility and reduced debt repayment commitments over the next three years. The company also converted its existing shareholder loan into common shares, deleveraging by 40%.

In April 2012, 3i converted its shareholder loan into equity, with a positive effect on net assets and a significant reduction in the leverage of the business.

The firm will continue to focus on its expansion through the opening of new stores.

Akerton was hired in July to lead talks with creditors.

Previous funding
3i wholly acquired the company in January 2006 in a deal valued at around €150m. Vendors included the original founders, Ramona Solé and Josep Cernuda, and Agrolimen, the Spanish supplier of consumer products, which invested in the company in 2000. La Sirena was sold through an auction organised by AZ Capital. Rabobank provided acquisition finance for the transaction.

Company
Founded in 1984 by Ramona Solé and Josep Cernuda, La Sirena is a frozen foods retailer. The company operates 242 stores – up from 165 prior to 3i's investment – and has more than 1,000 members of staff.

People
Maite Ballester is partner and managing director of 3i's Spanish operations. Francesc Casabella is general manager of La Sirena.

Advisers
Company – 360 Corporate (Corporate finance); Rothschild (Corporate finance); Rabobank (Corporate finance); Akerton Partners (Other due diligence); Cuatrecasas (Legal); Linklaters (Legal).

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• Topics
• Southern Europe
• Consumer
• Restructuring
• Refinancing
• 3i
• Linklaters
• Rothschild
• Spain