DLA Piper has advised GE Capital International and Ares Management Ltd on the provision of a £113.5 million unitranche facility to refinance Hillarys, the leading UK provider of domestic blinds and window fittings owned by European Capital.
The facilities include a term unitranche component, a junior term debt component and a revolving credit facility.
This is the ninth transaction completed by the European Senior Secured Loan Programme (ESSLP), a €1.7 billion joint venture between the two firms. The ESSLP has provided financing to support private equity-backed businesses across Europe and spanning a wide range of sectors, including the recent financings for Infovista, owned by Thoma Bravo, Parkdean, owned by Alchemy, NoteMachine owned by Corsair and Montagu’s acquisition of Dutch Ophthalmologic Research Centre (D.O.R.C).
The DLA Piper team was led by partner Alex Griffith who acted as senior transaction counsel and advised on the unitranche aspects of the deal supported by senior associate Meghna Tiku and associates Julia Garrett and Harriet Roberts. Revolving facility advice was provided by UK Head of Finance & Projects, Philip Butler and senior associate Smridhi Gulati with partner David Miles advising on the junior term facility.
Alex Griffith said: “This is one of the first ever multi-creditor unitranche structures that we have seen in the European market and we are delighted to have been involved in such a high-profile, innovative deal with our longstanding clients, GE Capital and Ares Management.”
