European Capital increases equity stake in Hillarys

The proceeds from the refinancing have been used alongside the equity commitment to buy out Permira Debt Managers, a minority investor.

The refinancing comprised term and revolving credit facilities provided by existing lenders GE Capital International, Ares Management and Permira Debt.

Previous funding
In 2007, European Capital announced the £229m secondary buyout of the business from Change Capital Partners. The firm provided equity, loan notes, mezzanine debt and senior term loans to complete the buyout. Debt financing totalled £167m. The management of Hillarys Blinds invested in equity and loan notes.

Later in the year, the business underwent a £144.4m refinancing. After the refinancing, European Capital held an £85m investment in the company, consisting of equity, a loan note and mezzanine.

Change supported the £115m secondary buyout of Hillarys Blinds from Close Brothers Private Equity in 2004. The deal was supported by debt provided by Royal Bank of Scotland. CBPE had held Hillarys Blinds since 2001, when it invested £19m, according to unquote" data.

Company
Founded in 1971, Hillarys provides made-to-measure window coverings in the UK. The business retails blinds, shutters, curtains and carpets through a network of 950 advisers visiting 500,000 homes a year.

The company also sells its products via the Web-Blinds and Blinds Supermarket brands, and serves trade customers via Arena and Custom West.

Hillarys is based in Nottingham and employs 1,200 staff.

People
Benjamin Suquet is director of European buyouts at European Capital.

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