Towerbrook to tap cheap debt market for European refinancings


contract-5_sqSoros Fund Management’s former private equity arm Towerbrook Capital is said to be considering refinancing its European portfolio companies to take advantage of cheap debt in the lacklustre dealmaking environment.

The firm is eyeing new financing deals for UK ventilation business Volution Group and London-based fashion retailer Phase Eight according to Bloomberg, which cited two people with knowledge of the matter.

Other businesses it is looking to renegotiate debt packages for include French vehicle equipment maker Autodistribution, it added.

Towebrook span out of SFM in 2005 and went on to ink a number of successful deals including the acquisition of luxury footwear maker Jimmy Choo from Lion Capital in 2007, which it sold four years later in a £500m deal that made more than three times its money.

In February this year the firm held a first and final close for its fourth fund on its $3.5bn hard cap, a fundraise which two sources told AltAssets was wrapped up within four months.

Last month the firm agreed to buy a controlling stake in aircraft cabin interior designer and engineer AIM Aviation from UK mid-market buyout house LDC.

Financial details for the deal were not disclosed.

Copyright © 2013 AltAssets