KKR supports €220m refinancing of Selecta

The refinancing comprised a high-yield bond and an unsecured junior PIK note to recapitalise its capital structure and repay its senior and mezzanine facilities in full.

The high-yield bond includes two tranches with an overall volume of €550m at a yield of 6.5%. KKR Asset Management provided an additional €220m of long-term debt.

Following the transaction, Selecta will use the new funds to drive growth projects including the continued roll-out of Starbucks Corner Cafes, and introduce newly developed vending machines.

Previous investment
Allianz Capital Partners acquired Selecta in May 2007 for €1.1bn, carving it out from former parent Compass Group. JP Morgan, Barclays and Merrill Lynch supported the transaction with senior and mezzanine debt, according to unquote" data.

Company
Established in 1957, Selecta is a pan-European vending machine operator. The company generates €770m in annual revenue. Its vending machines offer food, snacks and beverages. Selecta currently operates 140,000 vending machines in 21 countries, employing 4,500 people.

People
Joerg Spanier is managing director at Allianz Capital Partners. Remo Brunschwiler is CEO of Selecta. Mark Brown is director of special situations at KKR.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• DACH
• Expansion
• Allianz Capital Partners
• KKR
• Switzerland