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Permira calls on KKR amid Telepizza debt renegotiation

10 Jul 2014

TelepizzaUK-headquartered private equity firm Permira could bring US peer KKR in to back its investment in struggling Spanish pizza delivery business Telepizza amid a debt renegotiation.

The firm bought Telepizza in 2006 in a deal worth €962m, but has seen the company’s fortunes dip amid wider economic problems across the Eurozone in the wake of the financial crisis, Reuters said.

It added that KKR was in talks to inject junior capital into the business, which currently has €350m of senior loans, €150m of mezzanine loans and a deeply-subordinated €100m PIK.

Telepizza currently operates more than 1,200 outlets, about 630 in Spain and the remainder in Portugal, Poland, Chile, Colombia, Peru, Ecuador, Central American and the Middle East.

Last month Permira confirmed a €5.3bn final close for its fifth flagship fund after a mammoth 34 months on the road.

The firm described the close as the fund hitting its hard cap, although it initially aimed for €6.5bn and decided to cut its target when it pushed back its first close in March last year.

Permira launched Fund V in early 2011, but had collected just €2bn 18 months later according to a letter to investors at the time.

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