Pamplona to leverage OGF purchase with €635m debt package

The 5x EBITDA debt package was underwritten by JP Morgan and Goldman Sachs, with the duo looking to syndicate the loan in the coming days, Reuters reported.

Pamplona Capital Management beat off competition earlier this week to acquire OGF from Astorg Partners, a deal reportedly valued at around €900m. Goldman Sachs was running the sale process.

Astorg bought OGF alongside previous backer Vestar Capital Partners and management for €780m in 2007. This was the second investment made from Astorg's fourth-generation fund, which reached an €800m final close in 2008. Credit Suisse underwrote a €600m debt package (including revolver and capex), worth approximately 8x EBITDA, at the time of the buyout. The full-bullet package comprised a large B-tranche, a second-lien and a mezzanine facility, according to unquote" data.

Founded in 1844, OGF operates a network of funeral services, with 943 sales outlets, 380 funeral parlors and 45 crematoriums. The group employs 5,500 staff and operates under three main brands: PFG, Roblot and Henri de Borniol. OGF posted a €533m turnover in 2012.

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• Topics
• France
• Buyouts
• Financing
• Consumer
• Pamplona Capital Management
• Astorg Partners
• Senior debt
• JP Morgan
• Goldman Sachs