ICG to take over Courtepaille in debt-for-equity swap

The takeover takes place nearly five years after Courtepaille was acquired by Fondations Capital in a €245m secondary buyout. The Luxembourg-based firm invested via its maiden fund and secured a majority stake alongside management and around 200 employees in late 2010.

The deal featured a €160m unitranche supplied by ICG. Information regarding the portion of the debt to be converted into equity has yet to be disclosed by the lender.

In 2013, Courtepaille received a further €9m in capital as minority shareholder Salvepar exited its 12% stake in the company to Paris-based firm CM-CIC Capital Finance.

Prior to the restructuring taking place, the restaurant chain had plans for a refinancing, comprising a new unitranche package valued at €135m as well as an additional €50m new money injection, according to French publication Capital Finance.

Neither ICG nor Fondations Capital were available for comment at the time of publication.

Previous funding
Prior to Courtepaille's buyout by Fondations Capital in 2010, the company was acquired by Parcom Private Equity in 2005. Parcom committed €130m of equity in exchange for a 65% stake.

Debt was provided by Natexis Banques Populaires, which underwrote a senior debt package, and Euromezzanine, which supplied a mezzanine tranche.

Company
Founded in 1961, Courtepaille is a restaurant chain that specialises in grilled meat. Headquartered in Évry, the company owns a network of 250 restaurants generally located alongside main roads outside French cities. It is understood to have generated €304m in revenue in 2013, the most recent figure currently available.

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• Topics
• France
• Restructuring
• Consumer
• France
• Debt-for-equity swap
• Fondations Capital
• Intermediate Capital Group