Alliance Medical
Target nation: UK
Date announced: 05/11/07
Deal type: Secondary buyout
Acquirer (s): Dubai International Capital
Total value: £600m
Mandated arranger (s): Bank of Scotland and Dresdner Kleinwort
Financing: Unknown
The Bank of Scotland and Dresdner Kleinwort as mandated lead arrangers will launch the debt supporting Dubai International Capital (DIC) buyout of Alliance Medical in the first quarter of next year. The lead duo are in talks with existing bank lenders and DIC relationship banks with a view to them taking cornerstone positions prior to launch.
Bridgepoint Capital sold Alliance Medical, a healthcare imaging business, to DIC, for £600m. The company, based in Warwickshire, UK, operates more than 190 scanners in the UK, including MRI, CT and PET for the NHS and private hospital groups.
Almatis
Target nation: Germany
Date announced: 01/11/07
Deal type: Secondary buyout
Acquirer (s): Dubai International Capital
Total value: US$1.2bn
Mandated arranger (s): UBS
Financing: US$1bn
UBS as global coordinator, mandated lead arrasnger and bookrunner has completed the US$970m debt package backing Dubai International Capital (DIC) acquisition of Almatis from Rhone Capital and Ontario Teacher’s Pension Plan Board. In addition to UBS, Arab Banking Corp was mandated lead arranger and bookrunner on the senior secured facilities. Senior facilities are split between US$200m seven-year term loan A paying 250bp over Libor, a US$205m eight-year term loan B at 300bp, a US$205m nine-year term loan C at 350bp and a US$50m seven-year revolver. Junior debt is split between a nine-and-a-half-year US$75m second lien facility paying 600bp, and US$235m equivalent of mezzanine and junior mezzanine loans.
Applus
Target nation: Spain
Date announced: 25/07/07
Deal type: LBO
Acquirer (s): Carlyle
Total value: €1.48bn
Mandated arranger (s): Barclays Capital, Calyon, Caja Madrid, SG and ICG
Financing: €1.085bn
Syndication of senior and second lien tranches of the loan backing the buyout of Applus by Carlyle Group has closed and allocated via Barclays, Calyon, Caja Madrid, SG and ICG. Syndication was to a mix of banks, including local Spanish banks, and funds.
Senior debt totals €835m and is split between an eight-and-a-half year €610m term loan B paying 275bp, a seven-year €150m capex tranche paying 225bp and a seven-year €75m revolver paying 225bp. In addition the €100m nine-and-a-half years second lien pays 5% and has 102/101 call protection. A mezzanine tranche is €150m. Banks are being offered the term loan B and the second lien. Applus is a Spanish inspection, certification and testing company.
Coor Service Management
Target nation: Sweden
Date announced: 01/11/07
Deal type: Secondary buyout
Acquirer (s): Cinven
Total value: €540m
Mandated arranger (s): Danske Bank, DnB Nor and RBS
Financing: €317m
The cSEK3bn in debt facilities backing the buyout of Coor Service Management by Cinven from 3i have been mandated to Danske Bank, DnB Nor and RBS. The facility will have both senior and mezzanine tranches. Coor specialises in managing, developing and increasing the efficiency of service functions in offices, properties, production facilities and the public sector. Coor offers a wide variety of services, from running staff canteens and instrument calibration, to leasing administration, technical safety solutions and optimization of premises. It employs around 3,700 people in Sweden, Denmark, Norway, Finland and Belgium. It was previously part of Skanska.
Drie Mollen
Target nation: Netherlands
Date announced: 16/01/07
Deal type: Secondary buyout
Acquirer (s): CapVest
Total value: Undisclosed
Mandated arranger (s): Rabobank, AIB, BOI and ING
Financing: €275m
CapVest has mandated Rabobank as mandated lead arranger and bookrunner on the €275m loan package backing the buyout of Drie Mollen International. AIB, BOI and ING joined the transaction as mandated lead arrangers.
The facility is split between a 7-year €60m term loan A paying 225bp, an 8-year €57.5m term loan B at 275bp, a 9-year €57.5m term loan C at 325bp, a 7-year €20m revolver with a margin of 225bp, a 7-year €30m capex facility also paying 225bp and a bullet €50m mezzanine tranche offering 450bp cash and 550 PIK. Drie Mollen is a Dutch coffee business.
Explinvest
Target nation: France
Date announced: 20/12/07
Deal type: Buyout and refinancing
Acquirer (s): LFPI – FPG
Total value: Unknown
Mandated arranger (s): Credit Mutuel-CIC
Financing: €85m
Credit Mutuel-CIC (physical bookrunner) and Natixis have underwritten the €85m senior debt package supporting LFPI and FPG‘s buyout of Nobel Explosifs Frances as well as the refinancing of Finexplo. Both companies have been merged into a new holding company called Explinvest. Debt is split between a €46m seven-year term loan A paying 212.5bp over Euribor, a €19m eight-year term loan Bat 275bp, a €15m nine-year term loan Cat 325bp and a €5m seven-year revolver at 200bp. In addition there is a €35m nine-and-a-half-year mezzanine loan arranged through LFPI Mezzanine. Credit Mutuel-CIC underwrote 60% and Natixis took the balance. General syndication is slated for launch in the first quarter of 2008.
Firth Rixson
Target nation: UK
Date announced: 12/12/07
Deal type: Secondary buyout
Acquirer (s): Oak Hill Capital Partners
Total value: £945m
Mandated arranger (s): Lehman Brothers, GE Commercial Finance and Lloyds TSB
Financing: €900m
The €900m facilities backing the buyout of Firth Rixson have allocated, with all tranches oversubscribed. Lehman Brothers was bookrunner across both the €650m senior and €250m mezzanine debt, GE Commercial Finance is bookrunner on the senior piece, while Lloyds TSB is a mandated lead arranger on the mezzanine. Senior facilities are split between a £50m seven-year revolving credit paying 250bp over Libor, a £125m seven-year term loan at 250bp, a £137.5m eight-year bullet term loan B at 300bp and a £137.5m nine-year term loan C paying 350bp. The £175m 10-year bullet mezzanine facility pays 4.50% cash and 4.50% PIK.
General Healthcare
Target nation: UK
Date announced: 14/01/08
Deal type: Acquisition
Acquirer (s): Apax
Total value: £140m
Mandated arranger (s): Mizuho
Financing: Unknown
General Healthcare Group, owned by a consortium including South Africa’s Netcare and sponsors Apax, have mandated Bank of Scotland to arrange debt backing the £140m acquisition of nine hospitals from Nuffield Hospitals. Mizuho has joined as an mandated lead arranger ahead of general syndication.
The hospitals will form part of BMI Healthcare, GHG’s acute private hospital division.
General Healthcare Group was acquired in a 2006 tertiary buyout backed by £1.815bn of debt. Debt, via Barclays, comprised an opco/propco structure with £315m of the debt held at the operating company level and £1.65bn at the property company level.
GET
Target nation: Norway
Date announced: 20/11/07
Deal type: Secondary buyout
Acquirer (s): Quadrangle and GS Capital
Total value: €745m
Mandated arranger (s): BNP Paribas and RBS
Financing: €462m
BNP Paribas and RBS have launched syndication of the NKr3.71bn (€462m) debt package supporting Quadrangle and GS Capital‘s secondary buyout of GET, a Norwegian cable operator. Facilities are split between a NKr525m seven-year term loan A paying 250bp over Libor, a NKr1bn eight-year term loan B at 275bp split between NKr368m in Kroner and NKr631.25m in euro and a NKr1bn nine-year term loan C at 325bp split between NKr368m in Kroner and NKr631.25m in Euro. In addition there is a NKr300m capex facility paying 250bp, and a NKr200m revolver at 250bp. Junior debt is split between a NKr685m Euro equivalent mezzanine loan paying 400bp cash and 500bp PIK.
HSS
Target nation: UK
Date announced: 13/06/07
Deal type: Secondary buyout
Acquirer (s): Aurigo and Och-Ziff Capital Management
Total value: £310m
Mandated arranger (s): Barclays and SG
Financing: £260m
The £260m loan backing the buyout of HSS, the UK tool hire business, by Och-Ziff has closed through mandated lead arrangers Barclays and SG. The result is said to be disappointing. At launch, debt was split between a £90m eight-year term loan B priced at 275bp, a £90m nine-year term loan C at 325bp, a £40m seven-year capex line at 225bp, a £20m seven-year revolver at 225bp and a 9-1/2 year £20m second-lien piece priced at 525bp. Lenders are invited to join on tickets of £20m earning 150bp or £15m paying 125bp. The leverage is 4.3x in total and 3.9x on the senior debt. HSS was sold by 3i for around £310m.
Inspicio
Target nation: UK
Date announced: 15/12/07
Deal type: LBO
Acquirer (s): 3i
Total value: £228m
Mandated arranger (s): Barclays and SG
Financing: Unknown
Barclays and SG are the underwriters and lead arrangers on the loan backing the buyout of Inspicio by 3i. The facilities both fund the buyout and refinance some existing debt. Inspicio is a testing and environmental services group.
3i is buying the company through Angus Newco, an SPV set up with the directors of Inspicio. The acquisition vehicle had an offer of 225p in cash per share, valuing the company at approximately £228.6m.
Inspicio plc was admitted to AIM in April 2005 as a newly incorporated company and was established to acquire and manage market leading organisations in testing, inspection and performance conformity markets in the UK and internationally.
SAG
Target nation: Germany
Date announced: 10/12/07
Deal type: Secondary buyout
Acquirer (s): Advent International
Total value: Undisclosed
Mandated arranger (s): BNP Paribas and RBS
Financing: €700m
Commerzbank, BNP Paribas and RBS have been mandated to arrange senior debt backing the €700m of debt backing EQT‘s secondatry buyout of SAG Energieversorgungslosungen, a German power plant builder and operator. ICG has underwritten mezzanine facilities. Syndication will follow in 2008. The seller Advent bought the business in 2006 buyout from RWE.
Headquartered in Langen, Germany, SAG provides build and maintenance outsourcing services for utilities in their transmission and distribution grids. With its 5,900 employees the company generates cumulative revenues of €770m. It is the German market leader and has international subsidiaries in France, Poland, the Czech Republic and Hungary.
Scandlines
Target nation: Germany
Date announced: 14/01/08
Deal type: LBO
Acquirer (s): Allianz SE
Total value: Unknown
Mandated arranger (s): ING, Mizuho, SG and RBS
Financing: €1.28bn
The loan backing the acquisition of the Scandlines ferry business by Allianz SE has been relaunched. The mandated lead arrangers are ING, Mizuho, SG and RBS. Syndication will now be for an eight-year €1.28bn deal, as opposed to the €1.5bn sought in August last year when it first went out to a small group of sub-underwriters.
Scandlines is a Baltic ferry operator and was being run as a JV between Deutsche Bahn and the Danish Ministry of Transport and Energy. The new ownership structure sees Allianz Capital Partners and 3i both holding 40%, while DSR has the remaining 20%.
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