Bayside Capital has completed an investment in Consolis, a European manufacturer of prefabricated concrete products. The investment, executed in partnership with private-equity sponsor LBO France, forms part of a comprehensive debt restructuring aimed at reducing indebtedness and providing fresh capital to support the company’s return to growth.
Bayside Capital (“Bayside”) today announced that an investment fund managed by Bayside has completed an investment in Consolis, a leading European manufacturer of prefabricated concrete products. The new-money investment, executed in partnership with private-equity sponsor LBO France, forms part of a comprehensive debt restructuring aimed at reducing indebtedness and providing fresh capital to support the company’s return to growth.
As part of the transaction, Bayside underwrote new super-senior credit facilities totaling €45 million, complementing a separate new-money investment of €45 million from sponsor LBO France. Other features of the transaction included the deferral of senior debt maturities and the conversion into equity-like instruments of approximately half of the senior debt and all of the junior debt.
The transaction is another example of Bayside’s ability to implement, within a short timeframe, complex financing solutions for companies facing a new-money need in the context of an unsustainable capital structure. Since 2009, Bayside has worked closely with a number of private-equity firms to jointly develop successful restructuring alternatives in such circumstances.
Lionel Laurant, Managing Director at Bayside Capital, commented: “We are very excited to back Consolis in this crucial phase of its development. Additional fresh capital, combined with the establishment of a sounder capital structure, will enable Consolis’ first-class management team to harness the company’s unmatched capabilities as it reaps the benefits from a recovery in its key markets”.
About Bayside Capital
Bayside Capital, an affiliate of H.I.G. Capital, is an investment firm with approximately €3.5 billion under management. Focused on middle-market companies, Bayside Capital invests across several segments of the secondary debt capital markets with an emphasis on long-term returns. With twelve offices throughout the U.S. and Europe and over 250 investment professionals to draw upon, Bayside has the experience, resources, and flexibility to provide capital solutions quickly, and the strategic and operational expertise to help support its investments.
Bayside Capital is active across a wide spectrum of industries, including business services, manufacturing, healthcare, retail, food/agriculture, and specialty finance. With the ability to invest in all parts of the capital structure, Bayside is able to develop creative financing solutions and consummate transactions on an expedited basis.
Bayside Capital is a credit affiliate of H.I.G. Capital, a leading global private investment firm with more than €9 billion of equity capital under management. Since its founding in 1993, H.I.G. Capital has invested in more than 200 companies worldwide and has developed an impressive track record for creating value for its partners and investors.
T +44 (0) 203 128 8092