It’s been only a year since Charlesbank Capital Partners and Webster Capital acquired OneStopPlus, but the PE firms look like they’re already getting a significant part of their investment back.
OneStopPlus is in the market with a $465 million dividend loan, according to Thomson Reuters Loan Pricing Corp. The retailer is using proceeds to refinance $370 million of debt, S&P CapitalIQ LCD said. The rest is going to fund a dividend to backers Charlesbank and Webster, S&P said. That works out to around $95 million.
The distribution is the second since the PE firms acquired OneStopPlus in February 2013. The plus-size apparel retailer issued a $70 million incremental loan in August to fund a dividend to shareholders, Moody’s Investors Service said at the time.
PPR, the Paris-based luxury and sport & lifestyle group, completed the sale of OneStopPlus to Webster and Charlesbank a year ago in February. The deal was valued at $522 million and included $157 million of equity, LPC reported in January 2013.
New York-based OSP Group specializes in selling plus-size clothing — sizes 12W to 44W — for men and women nationally through catalogs and e-commerce sites. Brands include Woman Within, Jessica London, fullbeauty and KingSize.
Once the second dividend is completed, OneStopPlus’ debt/EBITDA is expected to approach 5x for the latest 12 months ended Dec. 31, Moody’s said.
News of the dividend comes as Charlesbank is expected to fundraise this year. The PE firm is expected to seek about $1.5 billion for Charlesbank Equity Fund VIII LP and possibly cap it at $1.75 billion, Buyouts has reported.
Charlesbank closed its seventh fund with $1.5 billion in September 2009, in the midst of the financial crisis.
Charlesbank executives declined comment. OneStopPlus and Webster did not reply by deadline to requests for comment.
Photo courtesy of ShutterstockGet your FREE trial or subscribe now to Buyouts to find new deal opportunities, super-charge your fundraising efforts and track top managers.