GB Credit Partners announced that it 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 ($102 million) facility arranged and led by funds advised by Hayfin Capital Management, LLP to Auto-Teile-Unger Holding GmbH (ATU). The loan is part of a broader recapitalization between the company and its main creditors including Centerbridge Partners and funds managed by Goldman Sachs.
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 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, CEO 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.”
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.