A consortium led by KKR Asset Management (KAM), a sub-investment grade manager that is wholly owned by KKR, is to acquire Winoa Group from LBO France.
The acquisition facilitates a recapitalisation of the business through a significant reduction of the debt and access to new money for growth.
Winoa Group, formerly Wheelabrator Allevard, specialises in abrasion and cutting technologies for the metal and stone industries. Founded in 1961 in France, Winoa has 12 operational plants on four continents, employs over 1,000 staff and has 10,000 direct customers worldwide.
The investment by KKR has been made through investment funds managed by KAM Special Situations, which makes strategic, long-term investments in good companies whose capital structure is under pressure and whereby resources are provided to build a sustainable capital structure and improve operations with a focus on growth.
Yves Barraquand, chairman and chief executive of Winoa, says: "I am pleased to announce Winoa's partnership with a highly reputable international investor such as KKR. This solution is really good news for Winoa and our employees. It provides a stable financial structure, additional funding to realise our growth plans and a clear governance structure centred around a committed and experienced investor."
Mubashir Mukadam, head of special situations for KKR Europe says: "Winoa is an industrial company with excellent sector-expertise and global ambitions. This is exactly the type of company that we like to support. Amidst the current dislocation in the European markets, we have made, and will continue to make, investments in such enterprises."
The closing of this transaction remains subject to approval by the authorities.
