London (UK), 18 January 2022
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.”