Cinven and Goldman-backed Ahlsell in negotiations over covenants

According to reports, Goldman Sachs and Cinven's portfolio company Ahlsell, a supplier of professional installation products, tools and machinery, has approached its sponsors to relax convenants. In Q4 of 2008, the Stockholm-based business reduced its workforce by 10%, letting go about 500 employees in Sweden, Norway and Finland.

Cinven and Goldman Sachs acquired Ahlsell from Nordic Capital in 2006 in a secondary buyout reportedly valued at SEK 12bn. It is understood that Morgan Stanley arranged the debt facilities for the buyout. Nordic Capital completed a recapitalisation of Ahlsell in 2005, with financing arranged by Morgan Stanley and Nordea, and totalled SEK 9.4bn including senior, second lien, mezzanine and PIK facilities (December 2005, page 37).

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