GB Credit Partners Launches European Lending Platform with ATU Loan
Boston, MA -GB Credit Partners, LLC, the investment management affiliate of Gordon Brothers Group, LLC, announced today that it has participated in its first European transaction, which will serve as the foundation of its broader lending strategy for the European market.
The loan is part of a €75 million facility arranged and led by funds advised by Hayfin Capital Management, LLP to Auto-Teile-Unger Holding GmbH (“ATU”), Germany’s leading provider of automotive merchandise and repair services. The loan is part of a broader recapitalization between the Company and its main creditors including Centerbridge Partners and funds managed by Goldman Sachs.
Headquartered in Weiden in der Oberpflaz, Germany, ATU operates over 650 automotive merchandise and repair service stores in its home country as well as Austria, the Czech Republic, Italy, the Netherlands and Switzerland. ATU’s stores are a combination of retail space and automotive repair workshops.
By leveraging the in-house expertise and local presence of its affiliate, Gordon Brothers Europe, GB Credit Partners was able to understand the unique elements of this special situation and gain comfort in the structured finance solution that met the needs of both ATU and its owners. With four offices and 35 professionals, Gordon Brothers Europe has a demonstrated ability to recognize asset values through the development and execution of valuation, disposition and investment solutions.
“We are excited by the completion of our first transaction in the European market and pleased that we were able to aid in ATU’s restructuring,” said Patrick Dalton, Chief Executive Officer of GB Credit Partners. “Gordon Brothers Group has a 110 year history of understanding asset values and while we look forward to continued partnerships in North America, we are also eager for more opportunities to work with Gordon Brothers Europe as our resource overseas,” he added.
GB Credit Partners has proven expertise in over 25 industries including aerospace, automotive, energy, high technology, retail and manufacturing.
About GB Credit Partners
GB Credit Partners (www.gbcredit.com), the investment management affiliate of Gordon Brothers Group, originates, structures and invests in private market debt. Debt investments are made in the form of senior, unitranche, second lien or mezzanine loans ranging from $10 to $50 million to middle-market companies in need of capital to effect strategic change. Investments are made across 25 industries within five majors sectors: consumer, commercial & industrial, financial services, intellectual property and real estate.
About Gordon Brothers Europe
Gordon Brothers Europe (www.gordonbrotherseurope.com) utilizes its in-depth industry knowledge to provide asset and property valuations, restructuring and disposition expertise, financial resources and due diligence. Gordon Brothers Europe is the trading name of Gordon Brothers International LLC., a wholly owned subsidiary of Gordon Brothers Group LLC., a global advisory, restructuring and investment firm specializing in retail, wholesale, commercial & industrial, brand and property sectors. Founded in 1903, Gordon Brothers Group operates from offices based in Boston, Atlanta, Chicago, Dallas, New York, San Francisco, London, Birmingham, Manchester, Cologne and Tokyo. Gordon Brothers Group is comprised of professionals and a global network of specialists including former CEOs, CFOs, heads of retail, wholesale, buying, property and industrial operations and executives with other industry, legal and financial expertise.
ATU is the market leader for German automotive services. Since its founding in 1985, the Company has developed dynamically. Headquartered in Weiden in de Oberpfalz, Germany, ATU today operates over 650 stores in Germany, Austria, the Czech Republic, the Netherlands, Italy and Switzerland. The ATU-business model is based on the combination of master workshops with integrated specialty retail stores. At each location, ATU offers a wide range of car accessories and spare parts in OEM quality. In workshops equipped with modern technology, ATU provides extensive maintenance and repair services, including the innovative paint repair method, smart repair, and auto glass service for all vehicles.