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15 May 2017

Terra Firma and 21 Centrale Partners announce refinancing operation for Cleor

Terra Firma has today announced its second support capital investment, a €15m investment in Cleor, the jewellery retailer controlled by 21 Centrale Partners which operates 140 stores in shopping centres throughout France. The investment comes only a month after its transaction with Equistone with respect to an investment in SportGroup.

Terra Firma is delighted to be partnering with another well-respected European sponsor, 21 Centrale Partners which recently acquired DL Software, French leader in ERP solutions for SMEs, in a Public-to-Private transaction. This investment serves as an alternative to an equity co-investment and will enable Cleor to refinance its debt and progress through to its next phase of growth.

Andrew Géczy, CEO, Terra Firma, said: “This deal is further evidence of Terra Firma’s strategy of sourcing creative deals in action across Europe. Cleor has been through a significant transformation over the past few years and is about to enter the next phase of its growth. We are very pleased to be working with 21 Centrale Partners and to provide the additional capital.”

Gerard Pluvinet, Chairman, 21 Centrale Partners, declared: “We have been accompanying Cleor since 2012 in a strong growth period, doubling the number of stores, structuring the company and developing new distribution channels. The entry of Terra Firma, in partnership with existing banks, marks the quality and potential of the company which successfully adapted itself to a very dynamic retail market.”

Reed Smith LLP acted as legal adviser to Terra Firma and Desfilis acted as legal adviser to 21 Centrale Partners on the deal.

 

About Terra Firma

Founded by Guy Hands in 1994, Terra Firma is one of Europe’s leading private equity firms. Terra Firma specialises in the acquisition and fundamental transformation of asset-backed businesses, focusing on investments in transformational private equity, operational real estate andinfrastructure. Since 1994, Terra Firma has invested over €16 billion of equity and completed transactions with an aggregate enterprise value of €48 billion.

Contact: Nicola McGowan, Finsbury I +44 (0)20 7251 3801 I terrafirma@finsbury.com

 

About 21 Partners

21 Partners is a European private equity group, investing in mid-market companies based in Italy, France, Switzerland and Poland, through local funds. The Group, created by Alessandro Benetton and Gérard Pluvinet, has completed more than 95 investments in mid-market over the past 25 years.

Contact: Astou Ciss I +33 1 56 88 33 00 I a.ciss@21centralepartners.com

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