Background
• DBA is Europe’s largest branded intimates, underwear and legwear provider
• The portfolio includes a number of well-known names including DIM, Playtex, Wonderbra, Lovable, Abanderado, Nur Die, Chantal Thomass, Abanderado, Princesa, Elbeo, Berlie, Bellinda, and Unno and holds key market positions in France, Germany, Italy, Spain, the United Kingdom, and throughout Eastern Europe
• DBA sells its products through a variety of trade channels including traditional channels (department stores, retailers, wholesalers and mail order) and modern channels (specialised chains and mass market)
• DBA was acquired by an affiliate of Sun European Partners, LLP from Sara Lee Corporation in February 2006
• Sun European Partners, LLP (“Sun”) is the European advisor to Sun Capital Partners, Inc., a leading U.S.-based investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience
• Sun has subsequently implemented a comprehensive restructuring of the business, restoring the company to EBITDA growth
Process
• Close Brothers Corporate Finance was appointed to advise Sun with debt advice on the transaction
• Close Brothers Corporate Finance undertook a competitive process with cash-flow and asset backed lenders to put in place facilities which would support the future working capital requirements of the business
Outcome
• Asset backed facilities were put in place with a number of banks across Europe including GE Commercial Finance, BBVA and Banca Intesa
• The facilities provided a flexible and cost-effective solution structured to support the on-going turnaround of the business, involving complex, cross-border negotiations with multiple parties on behalf of the Borrower
For more information regarding this transaction, please contact Jonathan Trower or Grainne O'Brien on +44 (0) 20 7655 3100.