Wella brushes aside Coty entanglement in $1.8bn-equiv TLB
- Laura Thompson
Germany-based hair product manufacturer Wella is combing out an €800m euro tranche of its $1.8bn-equivalent refi and recap.
Well-diversified, market leading and with powerful brand recognition, glossy demand for this deal has already seen commitments pushed a day forward and pricing guidance shaved.
Some on the buyside, however, struggle to see the sheen, focusing instead on ongoing carve out risks, heightened by memories of KKR’s bumpy Unilever/Flora disentanglement. Others are cautious given Wella’s limited time as a stand alone company, while details on declining market share and ability to pass costs on must also be combed through.