TDO II refinances Spanish kitchen appliances producer CNA GROUP
London (UK), 18 January 2022 - Triton Debt Opportunities (“TDO”), the “all weather” opportunistic credit arm of European investment firm Triton, is pleased to announce the refinancing of CNA Group (“CNA”), a leading Spanish producer of kitchen appliances, via Triton Debt Opportunities II ("TDO II").
The transaction consists of several steps: first, TDO II acquired the vast majority of CNA’s existing bank debt from CNA’s Spanish banking consortium, allowing the banks to exit their position. Second, TDO II supported a full refinancing of CNA’s capital structure, which has materially improved the company’s financial position by raising equity value and reducing financial indebtedness. Finally, TDO II provided €4 million of fresh liquidity to support the company’s growth plans.
CNA is a leading kitchen appliances producer and distributor with a worldwide presence. It manufactures and distributes kitchen appliances with four key brands: CATA, Edesa, Nodor and Apelson. Consolidated revenues were €181 million in 2021, up from €136 million in 2020.
Santiago Torent, Vice chairman of CATA Electrodomesticos and Chief Strategy Officer of CNA Group, said: “Triton’s support has been instrumental in improving the financial position of the company to allow us to focus on growth again. Triton’s expertise in dealing with Spanish banks and executing complex cross-border refinancings made them the ideal partner for us. Given their experience in the sector and industry knowledge, they were able to complete their approval process in an accelerated timeframe and close prior to year-end.”
Chrysanth Herr, Managing Director, Triton Debt Opportunities, remarks: “We are very pleased to have partnered up with CNA Group on this transaction. The company’s solid and resilient performance throughout recent years underscore the quality of its business model and its strong competitive position. We are pleased that we could provide a financing solution that was attractive to CNA Group, as well as its banks, to allow the business to focus on growth again.”
Amyn Pesnani, Head of Triton Debt Opportunities, commented: “We are very excited about this transaction and are looking to further expand Triton Debt Opportunities’ activities in Spain.”
About CNA Group
CNA Group (“CNA”) is a leading kitchen appliances producer and distributor with a worldwide presence. Originally CNA was focused on air extraction appliances and has since expanded its portfolio to cooking, and to cooling and all white appliances through the acquisition of different brands, including CATA, Edesa, Nodor and Apelson.
With operations in the United Kingdom, Europe, and Hong Kong, the company has grown internationally, and consolidated revenues were €181 million in 2021, up from €136 million in 2020.
For further information: www.cnagroup.es
About Triton Debt Opportunities
Triton Debt Opportunities (“TDO”) is the “all weather” opportunistic credit arm of Triton, the European investment firm. Triton has been investing in debt since 2009 and launched TDO in 2013.
TDO focuses on positions in mid-market companies in Europe, with its average investment size typically between €10-40 million. It can invest across the capital structure but will typically focus on 1st lien senior secured debt and non-control positions in sectors where Triton has deep expertise and experience: business services, industrial tech, consumer, and healthcare.
TDO has a dedicated team of experienced investment professionals and full access to Triton’s 100+ investment advisory network, operating partners, and senior industry experts. This enables the TDO team to access resources and relationships at significant scale.
Triton is a European based investment firm founded in 1997 that invests in private equity and debt in the business services, industrial tech, consumer, and healthcare in Europe.
Triton aims to build better businesses using its deep sector expertise; transformation abilities via its in-house teams of operational, digital and ESG experts; and local market access to generate attractive returns across different market cycles.
For further information: www.triton-partners.com