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Herter & Co. advises Schleich on the refinancing of existing LBO facilities

Herter & Co. has advised Schleich Holding GmbH (“Schleich”) an Ardian portfolio Company, on the refinancing and increase of its existing LBO facilities and a partial repayment of shareholder loan notes to the respective shareholders. Schleich is a toy manufacturer based in Southern Germany and was acquired in 2014 by funds advised by Ardian.

Herter & Co. coordinated the refinancing of the senior debt package, which was supported by all parties of the existing bank syndicate. In addition to the partial repayment of shareholder loan notes to the respective shareholders, Schleich benefits from documentary amendments reflecting the company's strong growth and operating performance since the original financing in 2014. The overall debt package is well above €100m. However, in line with Ardian’s philosophy of prudent use of financial debt, the leverage remains below the entry leverage level.

„Herter & Co. has been very helpful in optimizing our financing structure tailored towards our growth strategy in a very efficient manner“, said Erich Schefold, Chief Financial Officer of Schleich.

Herter & Co. acted as Sole Debt Adviser to Schleich. The financing was provided by a club of German and Austrian banks with DZ Bank and LBBW in the lead.

 

About Schleich

Founded over 80 years ago by Friedrich Schleich in Schwäbisch Gmünd, Schleich is one of Germany’s largest toy manufacturers and a leading international provider of realistic toy figurines. The famous Schleich figurines are sold in more than 50 countries and are loved by children around the world. As a global player with Swabian roots, Schleich currently generates more than half of its sales outside its core market Germany. The company is currently majority-owned by the independent private investment company Ardian. Further shareholders are the management team around Dirk Engehausen (CEO), Erich Schefold (CFO) and Karl von Bodelschwingh (COO). The design of the Schleich figurines and play sets, the manufacturing of the production tools and all quality and safety checks are carried out in Germany. Production itself takes place at the company’s site in Schwäbisch Gmünd and in other production plants abroad.

 

About Ardian

Ardian, founded in 1996 and led by Dominique Senequier, is an independent private investment company with assets of US$65bn managed or advised in Europe, North America and Asia. The company, which is majority-owned by its employees, keeps entrepreneurship at its heart and delivers investment performance to its global investors while fuelling growth in economies across the world. Ardian’s investment process embodies three values: excellence, loyalty and entrepreneurship.

Ardian maintains a truly global network, with more than 470 employees working through twelve offices in Paris, London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing, Singapore, Jersey, Luxembourg. The company offers its 610 investors a diversified choice of funds covering the full range of asset classes, including Ardian Funds of Funds (primary, early secondary and secondary), Ardian Private Debt, Ardian Buyout (including Ardian Mid Cap Buyout Europe & North America, Ardian Expansion, Ardian Growth and Ardian Co-Investment), Ardian Infrastructure, Ardian Real Estate and Ardian Mandates.

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