Lenders including HIG take control of PE-backed Bodybell

HIG, Bodybell's largest lender, has invested €20m of new capital as part of the deal via debt arm Bayside Capital.

The group of creditors will wholly own the company following completion of the transaction, unquote" understands.

Bodybell has struggled under the tenure of N+1, citing the difficult national retail and trading environment when it first breached its loan covenants in late 2008.

Previous funding
N+1 initially invested in Bodybell in 2005, acquiring a 60% stake for €43m via listed vehicle Dinamia. Three years later, Mercapital acquired a 49% stake in the business as part of a €58m capital increase.

In 2010, the private equity firms invested €15m as part of an agreement to repurchase Bodybell's outstanding €35m second lien and €23m mezzanine debt tranches at a discount.

Company
Headquartered in Madrid and founded in 1978, Bodybell is a cosmetics retailer. The group has a headcount of 1,000.

People
Alice Cavalier-Feuillet is a director at HIG.

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• Topics
• Exits
• Southern Europe
• Consumer
• Expansion
• Mercapital
• Alantra Private Equity
• Spain
• HIG Europe
• Refinancing