Investing in distress, partnering in turnaround

We invest in stressed and distressed retailers which require restructuring. We are principally focused on the UK, Germany and Benelux although are comfortable making investments across other parts of Western Europe.

We adopt an open-minded investment approach, seeking innovative solutions to what can be complex situations. Typically, we invest in businesses with turnover between €100m and €2bn. Our investment horizons are generally up to 5 years.

Acquiring debt – providing immediate certainty for lenders

We can buy debt from external lenders, providing them with immediate certainty and protecting their reputation. Equally we can acquire inter-company positions in retail businesses, enabling a clean break and generating liquidity for the group.

Equity transactions – restoring solid foundations

We can acquire equity, typically in retailers with sound underlying business models but which are often held back by their capital structure or retail portfolio issues. These may be standalone businesses or under-performing subsidiaries of larger groups.

Wherever possible, we seek to work alongside existing management teams bringing our experience to restructure and right-size businesses and our capital to help re-establish solid financial foundations. We're comfortable backing Management Buy-Ins as well as Management Buy-Outs, and are able to draw on our vast network of senior retail professionals to deliver success.

Typically, we invest in businesses with turnover between €100m and €2bn.