DLA Piper has advised a syndicate of mezzanine lenders made up of credit affiliates of Ardian GoldenTree Asset Management, KKR Creditor Advisors (US), Babson Capital Management, Alpinvest Partners, Idinvest Partners and Ares Management on their debt for equity restructuring, which has resulted in the group of mezzanine lenders writing off their mezzanine debt for a controlling stake in the equity of the Maxeda DIY Group.
The Maxeda DIY Group is a market leading DIY retailer that operates 376 stores across the Benelux region with nearly 7,000 employees. Prior to the debt restructuring the Group's sponsor group included KKR, Primera and Cinven, who continue to hold a minority position in the shareholding of the Maxeda DIY Group following the debt for equity restructuring. As part of the debt for equity restructuring the Group have also agreed to amend and extend their existing senior financing packaging with their current syndicate of Senior Lenders.
The DLA Piper team in London was led by Finance partner Alex Griffith and Restructuring partner Jonathan Richards supported by Corporate partner Luca Gori and EU & Competition partner Alexandra Kamerling , senior associates Smridhi Gulati and Ilan Sherr and associates John Milliken and Antonio Del Riccio.
The Benelux team was led by Corporate partner Casper Hamersma supported by International Head of Tax Roderik Bowman, Restructuring partner Marc Molhuysen in Amsterdam, Restructuring partner Joris de Vos and Corporate partner Erwin Simons in Belgium, senior associates Pieter Paul Terpstra, Philip Jonker and Sophia Gijsbertsen and associate Connie van Niekerk in Amsterdam and associates Charlotte Sas and Davy Smet in Belgium.
Richards says: "We are delighted to have been involved in the debt for equity restructuring of the Maxeda DIY Group in what was an intense and dynamic process for such a diverse group of clients, both new and old to the firm. This deal also marks another great example of DLA Piper offices working together successfully across jurisdictions and practices."
