£140m refinancing for Caffè Nero

Hutton Collins has arranged £99m of mezzanine and PIK financing, which has been held by Hutton Collins Capital Partners III, Goldman Sachs European Special Situations Group and Bayside Capital.

In addition to the junior tranche, a senior debt syndicate led by Lloyds with support from Carlyle, Rabobank and Co-op Bank provided the remainder of the refinancing.

The operation will allow Caffè Nero to position the company for further expansion. It notably plans to accelerate its store rollout across the UK and abroad.

Caffè Nero weathered the downturn and delivered 54 consecutive quarters of positive like-for-like growth. EBITDA for the 12 months to May 2011 is forecast at £31m, up by 10% from the previous year. Turnover for the same period is forecast to reach £171m, an 11% increase on the previous year.

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Grégoire Gille on +44 20 7484 9824 or gregoire.gille@incisivemedia.com

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• Topics
• UK / Ireland
• Expansion
• Consumer
• Refinancing
• Hutton Collins
• Lloyds
• Carlyle Group
• Goldman Sachs