Peninsula Capital Partners entered in exclusive talks with the Percassi family aiming at buying a minority stake in the cosmatic retailer chain Kiko, which needs to strenghten its financial position due to a crisis in its US subsidiary (see here a previous post by BeBeez).
As far as Il Sole 24 Ore wrote some days ago, Peninsula might subscirbe a 100 million euros capital increase and buy a 30% stake in the group. This would happen together with an agreement with lender banks to reschedule Kiko’s debt. Kiko is supported by its advisor Rothschild for the deal.
Kiko has a 200 million euros gross debt towards banks (with BnpParibas and Unicredit among them), of which 50 millions are credit lines still to be used and 130 milllions are made by a bond maturing in 2020 with a 6.5% coupon, which was subscribed for 100 million euros by Generali and by another investor for the rest. The banks are advised by Lazard, while Generali had mandated Mediobanca.
Kiko reached about 610 million euros in revenues in 2017, with a good recover in H2 after the new ceo Cristina Scocchia, former chairman and ceo of L’Oreal Italia, took the lead. And also this year the trend is good. However the ebitda is still to low in comparrison to debts: after a pick at 70 million euros in 2014, ebitda actually dropped under 30 millions.