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Keter receives handful of bids — Sale on track for Q1 24
Bianca Boorer
•2 min read
Keter has received a handful of qualifying bids for the company, a source and a person close to the situation told 9fin. The first source said the indicative bids covered its outstanding debt.
If the sales process had failed then the lenders would have taken over, the first source added.
The first round is complete and some of the bidders were selected to move to the second round of the sales process, the source and the person close said. The group is on track to complete the sale by Q1 24.
Keter did not respond for comment.
Goldman Sachs is running the sales process for the company, the person said.
The source and the person said that the Netherlands-headquartered plastic garden furniture maker is performing well and its Israeli operations have faced no disruption from the ongoing conflict in Gaza. The group operates in Europe, North America and Israel, where it was founded.
The group’s lenders unanimously agreed in August to extend its debt to December 2024 as well as provide a new €50m facility to allow it time to be sold. In exchange for the 17 and 14-month extensions of the group’s facilities, the lenders were given PIK margin uplifts, according to a company release.
An ad hoc group (AHG) of lenders holds over 50% of the outstanding debt, as reported. The largest holders of the group’s €1.2bn TLB include CSAM, CVC, Carlyle, Sculptor, Invesco and Intermediate Capital Group.
The AHG is being advised by Houlihan Lokey (financial) and Milbank (legal). The company is being advised by Kirkland & Ellis (legal).
Keter was acquired in 2016 by BC Partners alongside co-investor PSP Investments at an enterprise value around $1.6bn.
The sponsors had to resort to a sales process after previous attempts to inject further equity to get an A&E over the line for its TLB did not materialise.
