Bubbles BidCo has been refinanced
Bubbles BidCo
Bubbles BidCo S.p.A. (Bubbles), a holding company owned by H.I.G. Capital and the Barbarossa family, majority owner of the Acqua & Sapone brand, is the largest Italian non-food value retailer specialized in home and personal care products. Bubbles operates approximately 700 stores across Italy under the brands Acqua & Sapone, La Saponeria and Saponi & Profumi with a consolidated turnover above €1 billion.
The Deal
The financing, totaling €495 million consisting of €440 million of term loan and €55 million of revolving credit facility, was underwritten by a pool of major financial institutions formed by Intesa Sanpaolo (Agent), Banco BPM, UniCredit, BPER Banca, Crédit Agricole Italia, Banca MPS, OLB Bank, illimity Bank, Deutsche Bank, J.P. Morgan and Banca Ifis. Thanks to the new capital line, that will strengthen the group capital structure, Bubbles aims to consolidate its market-leadership position in the retail sector of home and personal care products through a path of organic and external growth strategies. Lincoln International acted as exclusive debt advisor to Bubbles, supporting the company in arranging the financing package and coordinating the large club of banks. The transaction is one of the largest LBO refinancing deals in the Italian leverage finance market totally underwritten by banks.
Our Perspective
Daniele Candiani, Managing Director in Lincoln’s Capital Advisory Group, commented, “We are honored to have been able to support Bubbles in one of the largest leveraged buyout refinancing deals in the Italian leverage finance market securing such an outstanding financing package provided by a pool of 11 banks.”
We are pleased to have Lincoln as an advisor on this transaction. Lincoln was the perfect partner to identify the most suitable financing package and we are very grateful for all their hard work and support throughout the process.
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