KKR Credit refinances KPS portfolio company Chassis Brakes

This marks the second recapitalisation for the business. According to a statement, the proceeds of the recapitalisation will be used to fund a cash distribution to shareholders, refinance the capital structure, purchase Bosch's financial interest in the business, and fund future investments in technology and growth.

KKR Credit provided a €175m unitranche as part of the refinancing.

KPS, which focuses on investing in companies undergoing restructuring and turnarounds, acquired Bosch Group's automotive foundation brakes business Bosch Foundation Brakes in 2012, later renaming it to Chassis Brakes and basing it in Amsterdam.

The GP and management now wholly own the business following this second recapitalisation.

Company
Chassis Brakes manufactures automotive foundation brakes and foundation brake components for direct sale to equipment manufacturers and through aftermarket channels. The company currently employs 5,200 people in 16 countries across Europe, Asia, South Africa and the Americas.

People
KPS Capital Partners – Michael Psaros (managing partner).
KKR Credit – Blaine MacDougald (director).

Advisers
Company – Gide Loyrette Nouel (legal).

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