Terra Firma in €15m refinancing for 21 Centrale's Cleor

The transaction is the second time that Terra Firma has provided support capital in a deal, the investor said. The transaction comes about a month after the GP took part in a refinancing transaction for Equistone portfolio company Sportgroup.

On this occasion, Terra Firma is partnering with Cleor's existing pool of bankers, which includes LCL, Crédit Mutuel Arkéa, Bred Banque Populaire, CIC, Crédit Agricole Normandie and Societe Generale.

The investment, which serves as an alternative to an equity co-investment, should enable Cleor to refinance its debt and progress through to its next phase of growth, Terra Firma said in a statement.

Since it started backing Cleor in 2012, 21 Centrale claims the number of stores managed by the company has doubled, having reached 140 outlets. The GP said it also developed new distribution channels.

Since 2012, the company's turnover increased from €50m to €105m. Earlier this year, Julien Le Gauffre was appointed as Cleor's new CEO.

Previous funding
In 2012, 21 Centrale took a majority stake in Cleor through a management buyout. Cleor was previously backed by Azulis Capital and BNP Paribas Développement, which both initially invested in the company in 2007. Azulis then fully exited the business, while BNP Paribas reinvested to hold a minority stake in the new structure.

21 Centrale invested from its fourth fund, which closed on €380m in March 2011. Cleor was the vehicle's sixth investment at the time. LCL, Arkéa, Bred, CIC, Crédit Agricole Normandie and Societe Generale provided a senior debt package to fund the acquisition, while Capzanine contributed mezzanine financing.

Company
Established in 1996 and based in Evreux, Cleor operates a network of 140 jewellery stores located in shopping centres across France. The company generated a €105m turnover in 2016.

People
Terra Firma – Andrew Géczy (CEO).
21 Centrale Partners – Gérard Pluvinet (chair).

Advisers
Equity – Read Smith (legal); Desfilis (legal).

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• Topics
• Refinancing
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• France
• Refinancing
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• 21 Centrale Partners
• Terra Firma