
TowerBrook to take over Autodistribution; reduce debt
UK-based private equity group TowerBrook Capital Partners is to take ownership of French auto supplier Autodistribution in a restructuring deal.
The deal reportedly includes a EUR110m equity injection and, if accepted by a majority of the creditors, the company's debt would be reduced by EUR460m to EUR140m.
Investcorp, which acquired the business in a secondary buyout believed to be in the region of EUR600-800m, is expected to re-invest alongside TowerBrook and retain a smaller stake. Citigroup had provided the debt package to support the original 2006 transaction.
Headquartered in Morangis, Autodistribution is an independent distributor of auto, truck and industrial parts in France. (Page 56)
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