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PDM direct lending funds act as sole senior secured lenders in Liberty Hall Capital Partner’s acquisition of Dunlop Aircraft Tyres

Permira Debt Managers’s (PDM) direct lending funds Permira Credit Solutions II (PCS2) and Permira Credit Solutions III (PCS3) are acting as sole senior secured lenders to finance the acquisition of Dunlop Aircraft Tyres, a UK headquartered aircraft tire company, by Liberty Hall Capital Partners.

The acquisition is supported by long term senior debt provided and arranged by PCS2 and PCS3 as well as a revolving credit line provided by Royal Bank of Scotland.
 
Dunlop is the only pure-play specialist aircraft tyre manufacturer in the world. Headquartered in Birmingham, UK, Dunlop operates three facilities located in Birmingham, Mocksville, NC, and Jinjiang, China and has approximately 570 employees. The company’s proprietary products are found on more than 150 commercial, regional and military aircraft platforms and serve over 300 global customers, including airline operators and manufacturers, across more than 85 countries. Over 90 percent of Dunlop’s revenues are generated in the aftermarket.
 
Janine Harion, Investment Director at PDM, says: “We are very pleased to back Dunlop with a flexible financing solution provided by our two direct lending funds PCS2 and PCS3. The business is a globally recognised brand with a longstanding track record of customer service and exemplary technology serving a well-balanced portfolio of platforms. We are also delighted to work with Liberty Hall Capital, a sponsor focussed on the aerospace and defence industry.”
 
David Hirschmann, Head of Private Credit at PDM, adds: “The Dunlop transaction is consistent with our funds’ investment strategy based on providing long-term financing to high-quality European mid-market companies that are looking to grow and diversify their capital sources. Since the fund’s first close in December 2016, PCS3 has completed nine transactions and we continue to see great opportunities for our investors in the European private credit market.” 
 

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