Ardian's Diam refinances debt

The 2016 loan package was provided by BNP Paribas, CIC, Societe Generale, Banque Palatine and OFI ZenCap, while Diam also issued a bond at the time to finance the leveraged buyout.

The fresh debt package is structured around a bank debt with A, B and C tranches in addition to a capex line, an acquisition line and a revolving credit facility. The previous lenders were joined by Aviva, Allianz and Banque International à Luxembourg.

Further terms of the refinancing remain undisclosed – unquote" reached out to Ardian for comment.

Ardian acquired Diam from LBO France in a secondary buyout transaction in 2016. It became the majority shareholder alongside the management team and BNP Paribas Développement, which also increased their respective stakes as part of the deal. This was the second transaction made from Ardian's Expansion IV fund, closed in June 2016 on €1bn.

In September 2012, LBO France acquired a majority stake in Diam through an SBO estimated at €70m. The deal included €20m in senior debt. LBO France invested from the White Knight VIII fund, which closed on €900m in late 2008. The previous owner was HIG, which had acquired the company from US buyout house Heritage Partners. HIG reinvested €10m in the form of a mezzanine tranche in the 2012 deal.

Company
Founded in 1968, Diam creates, produces and installs branded point-of-sale displays. The company is present across 25 countries in Europe, America, Asia and North Africa. It posted revenues of €300m in 2017, against €200m in 2015.

The group provides point-of-sale and interior design services to brands and retailers working mainly in luxury and cosmetic goods. It has partnerships with brands such as Dior, Estée Lauder, Cartier, L'Oréal, Lancôme, Clarins and LVMH.

Advisers
Equity – DLA Piper, Xavier Norlain, Matthieu Lampel, Maud Manon (legal, tax); Grant Thornton, Gregory Volpi, Jonathan Happi (corporate finance).

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• Topics
• Refinancing
• France
• Media
• Ardian (formerly Axa PE)
• Refinancing
• BNP Paribas Développement
• DLA Piper
• Grant Thornton