Tikehau IM has provided a €30 million unitranche facility to back the acquisition of a 50 percent stake in French clothing brand, ba&sh, by private equity house, L Capital, the Paris-based firm announced.
The remaining 50 percent equity stake in the company will be retained by founders, Barbara Boccara and Sharon Krief and Groupe VOG, a French hairdressing brand.
The facility has been structured to allow the new owners to help expand the brand beyond France into other European markets, Tikehau’s Jean-Baptiste Feat told PDI.
The margin is a mixture of cash and payment-in-kind (PIK) and the six-year bullet maturity has been structured to allow ba&sh to open a line of credit for capital expenditure with another lender, he added. The retailer will have the capacity to use both cash flows and debt to fund its growth. Ba&sh currently retails through 60 outlets in France.
The financing was structured to take account of the business and its growth plans but the facility is not covenant-lite added Feat.
L Capital was formed by luxury goods group LVMH and Groupe Arnault in 2001 while ba&sh was established in 2003.
Tikehau’s private debt team makes loans of between €10 million and €250 million and has offices in London, Paris, Singapore and Brussels and will open a Milan office later this year. Tikehau Capital Group manages €5 billion for institutional and private investors in alternative asset classes through its asset management subsidiary, Tikehau IM, its listed minority equity investment company, Salvepar, and its long-term investment company, Tikehau Capital Partners.
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