Alantra advised Chequers Capital on the recapitalization of Spandex Group

Nov 2018

Debt refinancing

Alantra has advised Chequers Capital (“Chequers”) on the recapitalization of Spandex Group (“Spandex”). With Sales of more than €300 million and steadily growing, Spandex is a leader in the distribution of graphic media products and equipment to the visual communication and signage industries. Spandex is the market leader in Europe and active globally.

In a process – including existing and new banks – Alantra structured an attractive Senior Debt package including an acquisition- as well as RCF-facilities which were provided by a consortium of eight international banks

“The Alantra Team has done a great job in structuring this deal in light of the complexity and global set-up of the business. With the financing package – which included the refinancing of an existing Mezzanine piece and a convenient acquisition facility– Spandex is ideally prepared for the continuation of the growth path over the next years,” commented Sven H. Schulze, Director at Chequers.

“This transaction marks the third successful transaction with Chequers within the past 18 months and represents another milestone transaction within the German/Swiss market”, stated Robert von Finckenstein, Managing Partner and Head of Debt Advisory at Alantra’s Frankfurt office.

Headquartered in Dietlikon, Switzerland, Spandex (https://www.spandex.com/) is a globally leading B2B distributor of graphic media products and equipment. The offered product range comprises mainly consumable materials as well as sign systems, displays and equipment catering to the sign making and graphics industries. With locations across almost 20 countries, Spandex has a truly international approach, serving more than 34,000 customers, with an output ofc. 3,000 deliveries per day having generated > €300m sales in FY18A (year end April). Since the buyout by Chequers Capital in January 2016, the business grew substantially on organic level and has successfully completed several value accretive add-on acquisitions.

Founded in 1972, Chequers Capital operates as an independent partner owned private equity house with currently c. €3bn assets under management. The current fund, which was closed in April 2017, has a volume of €1.1bn. The experienced management team consists of 20 investment professionals and has concluded a total of over 250 successfully executed transactions.