Averys, the French storage systems company specialised in shelving and metal furniture for industrial use, has completed a EUR165 million refinancing.
Backed by LBO France since 2008, Averys completed a transformative build-up in 2013 with the acquisition of Stow, doubling the group’s revenue and EBITDA.
The group is now the European number two in its sector with two thirds of sales coming from outside of France.
Laurent Mabileau, director with LBO France, says: “This refinancing follows the successful integration of Stow and reflects the confidence of Averys’ financial partners. The new facility is fully adapted to support Averys’ industrial strategy going forward, notably that of being an actor of consolidation in its industry.”
BNP Paribas and RBC acted as mandated lead arrangers and bookrunners of a new EUR165 million senior financing (EUR25 million tranche A, EUR125 million tranche B and acquisition finance facilities of EUR15 million).
LBO France has partially realised its investment as part of the refinancing through a dividend recap.
The company’s net debt now stands at 3.5x EBITDA. The new financing structure is portable and, in the event of a change in shareholder, includes an option for net debt to be increased up to 4.5x EBITDA through mezzanine financing.
Averys is expected to see sales of around EUR360 million in 2014.
