Qualium to re-inject €30m into Quick as part of amend-and-extend

Quick's lenders, led by BNP Paribas, agreed to push back the maturities to 2017, while the company also benefited from a covenant reset. Quick's net debt stood at around €404m in the company's most recent available annual report in 2011, but has since then been reduced to amount to €350m at the time of writing.

Qualium meanwhile agreed to provide Quick with €30m in fresh equity to be injected in two tranches. The GP had taken a majority stake in the buyout of Quick in 2007.

Although Qualium had initially looked into a sale of the business in 2010, plans were put on hold following a food poisoning incident at one of the company's restaurants in Avignon.

The GP stated it was ready to keep backing Quick going forward, notably in order to facilitate the business's international expansion.

Company
Founded in 1970, Quick operates a chain of fast-food restaurants in France and several other countries, both as self-operated and franchised outlets.

In 2011, the group posted a €982m turnover with an €86m EBITDA, both figures being down by 4% and 14% respectively on the previous year. The company's revenue has improved since then, with turnover settling at €1.05bn in 2012 while EBITDA remained stable at €85m.

People
Jean Eichenlaub worked on the transaction for Qualium.

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• Topics
• Financing
• Consumer
• Expansion
• France