Bridgepoint-backed Fat Face in debt-to-equity swap – report

Alcentra and Oak Hill are among some of the debt funds and banks spearheaded by Lloyds Banking Group and Goldman Sachs that are expected to be involved in the restructuring process.

The deal would reduce Fat Face's present £120m borrowing levels via a debt-for-equity swap.

According to lenders, the company, in order to keep control, would require an additional equity funding of £20m.

Bridgepoint acquired Fat Face in a secondary buyout from Advent International in 2007. The investor paid £360m for the asset, with the price pre-empting a competitive process run by Rothschild.

The company is a Bridgepoint Europe III fund portfolio company. It closed on €2.5bn in 2005. 

Fat Face, with more than 2,000 employees and 215 stores, was founded by Tim Slade and Jules Leaver in 1988.

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• Topics
• Exits
• UK / Ireland
• Consumer
• Goldman Sachs
• Lloyds
• Bridgepoint
• United Kingdom
• Debt-for-equity
• Debt-for-equity swap
• Oak Hill Capital Partners