Lone Star Funds is exploring strategic options for Evoca, including a potential debt-for-equity restructuring with creditors, or a sale of the Italian coffee-machine manufacturer, according to a report by Bloomberg.
The report cites unnamed people familiar with the situation as saying that the private equity owner has held preliminary discussions with creditors Carlyle and Park Square about converting their debt into equity, although the talks have not so far produced an agreement. PJT Partners is advising Evoca on its options, according to the sources.
Evoca makes coffee machines widely used in hotels, cafes and offices and is facing a substantial debt burden following a deterioration in its financial performance.
A holding company borrowed €210m in payment-in-kind notes from Carlyle and Park Square in 2019. The debt, which matures in 2029, has since grown to more than €400m, according to company filings and calculations based on the outstanding liabilities.
Evoca also has €550m of notes outstanding at its operating company, with those bonds also due in 2029. The securities were quoted at around 89 cents on the euro on 23 September, according to market pricing data.
Evoca, Lone Star and PJT Partners reportedly did not comment, while Carlyle and Park Square reportedly declined to comment.
The company’s financial pressures prompted Fitch to downgrade Evoca’s credit rating by one notch to B- in June, leaving the business firmly in high-yield territory. Fitch said Evoca’s revenue fell 16% in 2025, significantly below its previous expectations, while its debt-to-earnings ratio reached 8.2 times at the end of the year.
Evoca has nevertheless made progress with a cost-reduction programme. Second-quarter results showed an improvement after a weak start to the year, with revenue rising 14% year-on-year in the three months to the end of June.
