HIG Bayside sells Spanish cosmetics firm

Bayside acquired the company via a debt-for-equity transaction in 2015 and pursued an operational restructuring.

HIG Bayside Capital has sold Spanish cosmetics company The Beauty Bell Chain, also known as Bodybell, to Spain-based cosmetics company Douglas. Terms of the sale could not be determined by time of publication.

Bayside first provided debt to Bodybell in 2009. The firm was also involved in a debt-for-equity transaction in 2015 which enabled it to take a controlling stake in Bodybell.

The transaction follows a number of partial and full restructurings at Bodybell since 2008. Giuseppe Mirante, managing director at Bayside, noted to PDI that the firm looked for a soft restructuring in 2008 when the global financial crisis hit.

Bodybell then carried out a full debt restructuring in 2010 when it became apparent the crisis was affecting Spain to a greater extent than first thought, Mirante added.

In 2012, Mirante said, the firm underwent an “amend and extend” debt restructuring. Mirante also noted Bayside provided a €20 million super-senior debt facility in 2015 which allowed it to take a majority stake in Bodybell. The cosmetics firm then underwent an operational restructuring which was completed in September 2016.

The sale of the business is happening now due to potential buyers wanting to wait for the completion of this restructuring, Mirante added.

HIG Bayside Capital is the distressed debt and special situations arm of HIG Capital. The firm appointed a new European head of direct lending in September last year.