Providence to acquire HSE24 from AXA PE

AXA PE is said to have plans to keep a minority stake in the company, which it acquired for €180m in an all-equity transaction from insolvent Arcandor Group in 2009. The GP later refinanced the business with a UniCredit-led €115m debt package.

Reports suggest Providence arranged a senior debt facility of €265m – provided by Citi, DZ Bank, UBS and UniCredit – for the planned buyout of HSE24. Neither AXA PE nor Providence were available for comment at this time.

The company is based in Ismaining, Germany, where it was founded in 1995. It is said to have achieved net sales of €470m last year.

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• Topics
• DACH
• Buyouts
• Exits
• Axa Private Equity
• Providence Equity Partners
• Secondary buyout