Permira-backed Telepizza extends loans

Discussions began in May, when the company asked to extend the maturity of two thirds of the term loan A, revolving credit and capital expenditure facilities by two years to 2015. Telepizza also asked for the extension of term loan B to 2016 from 2014, term loan C to September 2016 from 2015 and second-lien loan by a year to 2017.

The new investment will enable the company to pursue future development plans including the consolidation of its position within the Spanish market as well as its international expansion.

Previous funding
Permira acquired Telepizza for €850m in 2006, ending a five month battle for the firm. The winning bid of €3.21 per share came from Foodco Pastries and Medimosal, companies jointly owned by Permira and investment vehicle Carbal, managed by the Ballve family. The buyers offered €120m more than rival bidder Zena, a CVC-backed Spanish restaurant operator.

ING and Royal Bank of Scotland Group led the lenders to provide around €720m worth of loans, with European Capital providing mezzanine funding.

Company
Telepizza currently has a market share of more than 57% in the Spanish food industry and expects to report a turnover of more than €500m in the coming year, following the opening of 113 new stores.

The firm has more than five million customers in Spain and plans to open a further 38 local stores. Telepizza also has a presence in Portugal, Poland and Latin America. Telepizza is looking to expand further in the UAE and China, following the recent launch of operations.

People
Carlos Mallo and Pedro Ballve led the 2006 deal on behalf of Permira and Carbal, respectively. Paul Juantegui is CEO of Telepizza.

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• Topics
• Southern Europe
• Consumer
• Restructuring
• Spain
• Permira
• Royal Bank of Scotland
• ING
• Refinancing