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05/04/2010 / UNITED KINGDOM / ACQUISITION FINANCE
Crédit Agricole CIB takes lead role in the buy-out of Pets at Home
In March 2010, Crédit Agricole CIB acted as joint mandated lead arranger and bookrunner in the senior term facilities supporting the buy-out of Pets at Home Group Ltd by Kohlberg Kravis Roberts & Co (KKR).
KKR completed the acquisition of Pets at Home Group Ltd in a buy-out from Bridgepoint Capital. The purchase price was approximately GBP 1 billion, funded through a combination of GBP 345 million senior term facilities and GBP 135 million mezzanine term facilities, with the balance from equity investment.
Crédit Agricole CIB underwrote one third of the senior facilities alongside Nomura International plc and KKR Capital Markets Ltd. The senior facilities comprise:
- GBP 75 million Senior Term Loan A - Amortising Facility (6-year tenor),
- GBP 270 million Senior Term Loan B - Bullet Facility (7-year tenor),
- GBP 30 million Revolving Credit Facility (6-year tenor).
The market viewed the transaction very positively and syndication of the senior facilities was highly successful and oversubscribed.
As well as being one of the largest private equity transactions over the last twelve months, it is also one of the first underwritings to have been completed in the European Leveraged Finance market in this period.
Founded in 1991, Pets at Home is unique in the United Kingdom being the only large scale retailer 100% focused on pets. With over 250 stores, Pets at Home sells c.5,000 pet related products covering a wide range of animals.