Advent's Maxam completes €280m refinancing
Maxam, a Spanish explosives manufacturer backed by Advent International, has taken out a €280m syndicated loan to refinance debt and fund expansion.
The loan was provided by BBVA, Banesto, HSBC, Barclays and Bankia and has a five-year lifespan. It will fund expansion into new markets
In 2012, the company reported a €989m turnover and EBITDA totalling €118m.
Advent acquired a 50% stake in the firm in 2011 from Vista Capital and Portobello Capital in an SBO valued at €900m. Portobello and Vista reaped a money multiple of around 3.5x on their original investment, generating an IRR of 28%.
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