KKR and Bayside Capital acquire 75% of Estro Group

Prior to the restructuring, investors held more than three quarters of the company's term loans, worth €264m. The company's debt was reduced by 75%.

In December, it was reported that KKR and Bayside underwrote a €34.5m senior PIK loan at Libor+15, the holders of which would get a 10% stake in the business.

Providence Equity Partners acquired Estro in 2010. The deal is said to have involved a €280m debt package.

Company
Estro is a Amersfoort-based operator of almost 600 day-care centres in the Netherlands. It operates under the trade names Astrid Lindgren Child, B4Kids, Catalpa Child, Elan Child, Childcare Company and Octopus Child. It employs 5,800 people and looks after almost 40,000 children.

Advisers
Equity – Loyens & Loeff, Vincent Vroom (Legal); Kirkland & Ellis, Philip Crump, Jifree Cader (Legal).

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• Topics
• Benelux
• Consumer
• Restructuring
• Netherlands
• KKR