London-based CVC Capital Partners will hand over control of Autobar, a maker of food and drink vending machines to a US led group of distressed debt funds including York Capital Management in a debt restructuring deal, PEI has learnt.
CVC declined to comment on the matter.
According to sources familiar with the transaction, CVC acquired Autobar in 2010, and invested approximately €400m in equity. The company faced headwinds as luxury beverage makers like Starbucks became more popular and the macro economy was slow to rebound.
US lenders to the company include James Dinan’s York Capital Management and Angelo Gordon & Co. Both firms are interested in the company as distressed buyers. York holds approximately one third of Autobar’s debt.
Autobar presented the restructuring plan to this group of lenders today. Sources at Autobar say that the restructure is going according to plan and that the lenders approve of the business. New cash will be injected into the company in an effort to foster growth.
CVC manages an €11bn buyout fund and was ranked 6th on the most recent PEI 300. In May 2014, CVC Capital Partners announced a final close on its fourth pan-Asian fund at the hard cap of $3.5 billion, according to Private Equity International’s research and analytics division.