TowerBrook
TowerBrook Capital Partners, L.P.Monier Group's financial position significantly strengthened following the successful closing of its restructuring
Monday 19 October 2009
- The closing of the financial restructuring agreed at the beginning of July provides the Group with a very stable and solid balance sheet ensuring its long-term financial strength and leading market position.
- Former senior lenders are now the owners of the Monier Group.
- As a result of the initiation of a detailed program to enhance the Group's cost position and substantially increase the efficiency of its operations, the company has not only successfully maintained its position, but is also well situated to take advantage of additional opportunities to strengthen its business in the various markets it serves.
The Monier Group (“Monier” or the “Group“), the world’s leading provider of building materials for pitched roofs including roofing components and chimney and ventilation systems, has successfully concluded its restructuring with the assistance of its new owners.
Pepyn Dinandt, CEO of the Monier Group, commented: “The successful closing marks an important milestone in the history of our company, securing a stable and long-term financial platform for Monier upon which it can continue to build in the years to come. Moreover, together with our new owners we can now further pursue additional growth opportunities to strengthen the company’s strategic position. Over the past twelve months we have already taken a number of steps to achieve a lasting improvement in financial and operational performance and thus set the course for further consolidation of our leading position worldwide. This will allow value creation for all stakeholders over the long term.”
With its well-known product brand portfolio (for example, the Braas brand in Germany and the Redland brand in Great Britain) and a complete range of systems and products for pitched roofs and chimneys, the Group offers premium product quality as well as innovation. As the world’s leading roofing materials company with its own Research and Development Centre, over the last few months alone, Monier has introduced a number of innovative systems for sustainable construction in many markets.
The transaction was structured with the following key considerations:
- Lenders have agreed to a reduction in cash pay debt by approximately 2/3 and annual cash interest payments by approximately 80%.
- Senior lenders have committed to provide a new €150 million credit facility to provide the Group with further flexibility.
- Following the closing, the senior lenders are now the owners of the Monier Group.
- The restructruing plan received virtually unanimous approval from the lenders to the Group. Nearly 100% of all the lenders ultimately approved the transaction, thus demonstrating their confidence in a sustainable future for Monier and the long term investment opportunity.
- Apollo Global Management, LLC, TowerBrook Capital Partners LP and York Capital Management (together “ATY”), three international investment firms, are the largest shareholders post restructuring. ATY and the other shareholders will be members of the Board of Directors of the controlling company.