Pronovias’ owners inject 110 million euros to refinance the company and improve its liquidity
Roberta HERRERA
Last December, the Spanish bridal fashion company PronoviasBain Capital
According to the newspaper El Economista, the purpose of this recapitalisation in the form of an injection in funds is, on the one hand, to refinance existing bridge loans, and on the other hand, to improve the company’s liquidity. To achieve the latter goal, and as indicated by the credit rating agency Moody’s
As the leading creditors of Pronovias, Bain Capital and MV Credit will capitalize credits worth 260 million euros, while offering other creditors (Banco Santander, UBS
Furthermore, Pronovias has also submitted a request to the Mercantile Court number 9 of Barcelona, asking for the approval of the restructuring plan that was agreed upon after BC Partners
This plan will also enable the bridal fashion giant to reduce its debt from 385 to 125 million euros. The group’s projections are to achieve sales of 200 million euros by 2025, supported by its consolidation in the United States, expansion of its brand portfolio in Europe, and digitalization efforts.
Pronovias, which had been acquired by BC Partners in 2017 for 550 million euros, was heavily affected by the pandemic. Although in 2022 it reached sales figures close to those of 2019 (150 million euros), its EBIT was negative at 4.1% at the end of 2022.
