Condis secures €305M from Hayfin to refinance debt and pay €100M dividend
What's the deal? Spanish supermarket chain Condis SupermercatsDealroom has a profile for this one. Try Dealroom → has secured €305 million in credit from British asset manager HayfinDealroom has a profile for this one. Try Dealroom → to refinance its debt and pay an extraordinary dividend of around €100 million to shareholders, according to market sources cited by Expansión. Condis is controlled by private equity firm PortobelloDealroom has a profile for this one. Try Dealroom → and the company's management team.
How is it structured? The new financing replaces the previous facility through a seven-year, €275 million loan and a €30 million revolving credit facility (RCF). Part of the proceeds also repaid a vendor loan to the founding Condal family, tied to the 2021 sale of the company.
What changes at the top? As part of the deal, Portobello sold a block of shares to the management team, led by chief executive officer Manel Romero. Portobello no longer holds the majority stake, which now sits with the management team.
Why now? The refinancing was made possible by the business's performance. Condis's annualised EBITDA now sits around €60 million, double the €30 million it posted before Portobello and management took control.
The signal: Hayfin, led in Spain by Pepe Trasobares, is increasing its exposure to the distribution sector as it leans further into private debt. It financed the management buyout of UvescoDealroom has a profile for this one. Try Dealroom →, owner of BM SupermercadosDealroom has a profile for this one. Try Dealroom →, a year ago alongside SVPDealroom has a profile for this one. Try Dealroom →, and is also a creditor to Air RailDealroom has a profile for this one. Try Dealroom → and PalexDealroom has a profile for this one. Try Dealroom →.
Read more: expansion.com
Image credit: Yuya Tamai
