KKR Asset Management continues to support companies across Europe
KKR Asset Management ("KAM") a leading sub-investment grade manager that
is wholly-owned by KKR, today announces that it has agreed to provide
approximately €100 million in capital, through a combination of debt and
equity, to Gruppo Argenta ("Argenta" or "the Company") to partially
repay current lenders as well to provide liquidity for growth. The
incumbent shareholders will invest €10 million alongside KKR.
Argenta is one of the leaders in the vending sector in Italy with 18
operational centres across the national territory, 1,200 employees and
900 vehicles. Argenta vending machines are located in 88,000 sites,
including companies, offices, public institutions, universities and
outdoor locations such as petrol stations, airports, shopping centres
throughout Italy, with around 2 million consumptions per day. The
company offers automatic vending machines for hot drinks, cold drinks
and snacks, as well as semi-automatic capsule based machines serving
coffee and other hot drinks. The firm is the distributor of Illy,
Lavazza and Nespresso.
Stefano Fanti, COO of Argenta, said: "I am pleased that such a
reputable, leading investment firm such as KKR is investing in our
company. The refinancing demonstrates the quality of our operations and
is really good news for Argenta and our employees. It provides the
Company with a stable financial structure and additional growth capital
for improving and expanding our operations."
Mattia Caprioli, Member of the firm and in charge of KKR's operations in
Italy said, "KKR is a long term investor seeking to support good quality
businesses like Argenta. Already seventeen of our portfolio companies
run operations in Italy, employing over more than 3500 people, and we
look forward to further investment opportunities."
Mark Brown, Director Special Situations at the London office of KKR
Asset Management, commented: "We look forward to partnering with Argenta
and the existing bank syndicate. We have been impressed by the
efficiency of the Company's operations. We believe the Company now has a
long-term, patient capital structure to pursue growth, both organically
and through selective acquisitions. Over the past few years, we have
invested over €2 billion in Europe, supporting companies in Italy,
Spain, France, the Netherlands, UK and Sweden. Our investment funds are
built on long-term capital and offer a solution to companies whose
access to traditional bank lending is under pressure and to banks who
seek to decrease their exposure."
- Ends -
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a
leading global investment firm with $90.2 billion in assets under
management as of September 30, 2013. With offices around the world, KKR
manages assets through a variety of investment funds and accounts
covering multiple asset classes. KKR seeks to create value by bringing
operational expertise to its portfolio companies and through active
oversight and monitoring of its investments. KKR complements its
investment expertise and strengthens interactions with fund investors
through its client relationships and capital markets platform. KKR & Co.
L.P. is publicly traded on the New York Stock Exchange (NYSE: KKR) and
"KKR", as used in this release, includes its subsidiaries, their managed
investment funds and accounts, and/or their affiliated investment
vehicles, as appropriate.
Of KKR's more than 82 private equity portfolio companies, seventeen run
operations in Italy, contributing to the social and business fabric of
the country, employing over 3500 people.
About KKR Asset Management:
Launched by KKR in 2004, KAM invests on behalf of its managed funds,
clients and accounts across long/short equities and the corporate credit
spectrum, including secured credit, bank loans and high yield securities
and alternative assets such as mezzanine financing, special situations
investing and structured finance. With more than 100 employees,
including 50 investment professionals, KAM's investment teams are
closely aligned with KKR's wealth of private equity investment and
industry resources. KAM has $20.9 billion in assets under management as
of September 30, 2013 and has invested over € billion in Europe in
the last two years including in Italy, Spain, France, the Netherlands,
UK and Sweden.
For additional information, please visit KKR's website at www.kkr.com
About Gruppo Argenta:
Argenta is of the leading Italian players in the vending industry.
Present in northern and central Italy with 600 service employees, 200
technicians and 900 vehicles. The Company is also active in the
semiautomatic sector (OCS Office Coffee Service). Furthermore, through
the new born Cafebon, the Group, has started with a coffee service also
at home Espresso Casa.
Every day Argenta registers over 2 mln servings a day (over 500 mln
yearly), 150.000 vending and OCS machines and 88.000 clients. In 2013
the Company had sales of around €200 mln.
For further information please visit the Company's web site: http://www.gruppoargenta.it
Michael Turner/Nina Suter
207 251 3801
Source: KKR Asset Management
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