Interfloor - refinance

Deal summary

Interfloor is Europe's largest manufacturer of underlay and accessories for the flooring market. Based in Lancashire, the company has an annual turnover of some £70 million and employs 300 people. In the UK, Interfloor sells its wide range of market leading, branded products to national and independent retailers, distributors and contractors. It also exports to over 70 countries worldwide.

In 2005 Milestone Capital invested in Interfloor along side management, with mezzanine debt provided by Hutton Collins and a senior debt facility provided by Kaupthing. With the positive impact of the economic recovery on the performance of the company, management and Milestone decided it was the right time to refinance the company’s existing debt facilities and loan notes to give flexibility to fund future growth.

What difference did we make?

Catalyst undertook thorough discussions with management and Milestone to establish the level of refinance they wanted to undertake and the appropriate level of debt to bring into the business. Once this had been established, Catalyst prepared concise sales documentation, presenting the company's unique position in the market while also addressing the key risks in the business up front and how these were controlled.

A select group of debt houses were approached, with the list tailored to Interfloor’s requirements. Catalyst then advised the company in the selection process and oversaw a transaction with Crescent Capital to refinance the Companies Senior Debt and Mezzanine debt into a single unitranche facility as well as raising an RCF with the incumbent retail bank Lloyds. This allowed the lenders, who had been in the business for nine years, to realise their investment and positions the business for its next phase of growth unhindered by the need to refinance.

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What our client said
"It was a pleasure working with the Catalyst team. Having introduced Interfloor to a small number of lenders, they were able to get the refinancing completed in record time and in doing so both minimised the disruption to the Interfloor’s management team and achieved certainty for its shareholders. A job very well done." Doug Oppenheim
Hutton Collins