Cosimo Vitola
Ethica Group
Lillo S.p.A.
Deal Type
Debt restructuring
Sector
Consumer
Completion Date
15th July 2015
Deal Value
Not disclosed
Company Background
The Lillo Group comprises both LD Market and MD Discount brands and it is one of the largest grocery retailers in Italy, with a turnover of around € 2 bln, more than 700 stores and 5,200 employees.
The Group is a national leading player both by market share and number of stores, thanks to its widespread presence all over Italy, with LD Market and MD Discount covering North and South Italy, respectively.
Deal Summary
Refinancing and increase of the existing debt package in order to obtain better conditions that were negatively affected by 2013 market conditions and by the scope of the financing (transformational acquisition) and to obtain financial resources to fund the expansion plan
In 2013 MD Discount, through its holding company Lillo Spa, has made a transformational acquisition (LD Market) that has enabled the Group to double its revenues from Euro1bn to Euro 2bn. After almost two years since the acquisition the Group and the successful integration, the Group is now committed for further growth through the opening of various stores.
Debt package
The aim of the financing :
Term Loan Euro 150m 5 years
Capex Line Euro 50m
Value Added
Ethica has been able to involve large number of banks and has created a very competitive process, in fact the facility was oversubscribed and at very favourable market conditions.
In particular Ethica has supported the Company all along the process: identification of lenders, preparation of the information memorandum, coordination of all other professionals involved and negotiation of the legal documentation.
Ethica played a key role in creating a competition amongst banks that has allowed the Borrower to obtain a very favourable debt package.
Lillo S.p.A. deal contacts
Key members of the Ethica Group deal team crucial in the Lillo S.p.A. transaction
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