PAI partners has closed on the acquisition of Hunkemoller, the Dutch lingerie retailer, from Maxeda. The buyout is backed by EUR177.75 million of senior and mezzanine debt.
The majority of the EUR35 million mezzanine facility was provided by funds advised by Sankaty Advisors, LLC. The Sankaty Middle Market Group has been quite active in European financings recently, putting their new Middle Market Opportunities fund to work in this transaction as well as supporting recent transactions including IMCS and RBD WorldPay.
Senior debt was provided by Coordinators and BMLA’s ABN Amro Bank, ING Bank and Rabobank International, with NIBC Bank as MLA and Friesland Bank as LA joining at close. The three coordinating banks had also provided the all-senior staple financing that had accompanied Maxeda’s sale of the business.
Hunkemoller is a Dutch lingerie retailer with market leading position in the Benelux region and a fast developing presence in Germany. The sale is the latest disposal from Maxeda as it off loads its fashion and department store business to concentrate on DIY retailing. September’s sale of V&D and La Place to Sun European was followed by the sale of M&S Mode to ERB Group and last week’s sale of De Bijenkorf, an upscale department store, to Selfridges.
