CVC's Autobar goes to US creditors

According to the Financial Times, the company is now in the hands of York Capital Management, Angelo, Gordon & Co, Capula Investment Management, Blackstone's GSO credit arm and Avenue Capital Group, several of which have swapped their debt for equity.

The transaction sees Autobar's debt reduced from €950m to €450m. CVC had been slowly writing down its invetment in the company over recent years. 

CVC did not respond to requests for comment prior to publishing.

Previous investment
CVC acquired Autobar from previous financial sponsor Charterhouse Capital Partners in a €1.2bn deal in August 2010. The transaction saw Charterhouse double its money. BNP Paribas, HSBC, Nomura and ING provided debt, understood to be worth €650m, for the secondary buyout.

Charterhouse acquired Autobar in 2004 in a deal worth €800m.

Company
Headquartered in Middlesex, Autobar specialises in vending machines for hot and cold drinks as well as snacks.

The company employs 5,000 people and is present in 11 countries across Europe.

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• Exits
• UK / Ireland
• CVC Capital Partners
• Charterhouse Capital Partners