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UNQUOTE
  • Refinancing

Lenders take control of CVC- and Eurazeo-backed Fraikin

  • Greg Gille
  • 22 November 2017
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The senior debt lenders of French commercial vehicle rental business Fraikin, hitherto owned by CVC and Eurazeo, have secured a majority stake in a debt-for-equity swap.

The group of senior lenders, including Värde Partners, Alcentra, Canyon, Barings and Triton, agreed to convert a large part of their debt positions (60%) into equity.

In addition, the consortium agreed to take over the company's mezzanine debt (provided by ICG), which will also be converted to equity.

The swap will result in Fraikin's debt being reduced from €730m to €265m. The previous private equity owners of Fraikin, CVC and Eurazeo, are understood to have relinquished control of the business, according to several local media reports.

The business was initially in talks to be acquired by competitor Le Petit Forestier in early 2017, but the deal eventually fell through, paving the way for the recapitalisation.

Following a lengthy dual-track process in which both an IPO and a sale were considered, CVC Capital Partners backed the secondary buyout of truck rental business Fraikin in 2007, in a deal that valued the company at €1.35bn. CVC took an 80% stake while Eurazeo, the lead backer of the first buyout in 2003, reinvested €60m in equity to retain a 20% stake. Calyon, HVB, Deutsche Bank and JP Morgan underwrote the debt package.

In January 2003, a syndicate of investors comprising Eurazeo, Pragma Capital and a subsidiary of Crédit Agricole backed the €805m buyout of Fraikin from Iveco, a subsidiary of Fiat. The deal was financed at two-thirds debt and one-third equity, with Eurazeo providing the lead equity of €175m.

Established in 1944, Fraikin is a provider of long-term commercial vehicle rental services. It operates 180 agencies across Europe and employs 2,800 staff. Despite its debt burden prior to the recapitalisation, Fraikin has been growing for the past three years and posted a €663m turnover in 2016.

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