Restructuring drives dealflow in Benelux

Private equity investments in the Benelux region have become increasingly rare of late and market talk is therefore concerned primarily with difficulties related to incumbent portfolio companies.

Grabbing headlines this month was Apax-, Bain- and KKR-backed NXP, the Dutch semiconductors business that was the subject of one of the largest ever buyouts in the region when it was acquired for over EUR8bn in 2006. This month, the company drew an extra $300m from its revolving EUR500m credit facility to improve its position as it juggles with its reported $6.7bn debt pile. This followed an attempt to buy back $300m of bonds at between 30-35% of face value in an attempt to reduce leverage and interest.

At the time of going to press, VNU Media (which has been in talks to renegotiate its EUR100m debt since January this year) had announced that it has succeeded in reaching an agreement with its lenders.

Backers 3i and HIG Capital will underwrite a EUR17.2m new equity injection in the company, each receiving equal stakes in the business. 3i originally acquired the company in a EUR320m deal in January 2007.

Another business currently entering discussions with its debt holders is Dutch leather coatings company Stahl, which Wendel and Carlyle purchased in 2006 for EUR520m.

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