Peris is a global leader in costume rental and manufacturing for the film, television, theatre, and advertising industries
In 2020, the Spanish private equity fund, GPF Partners, acquired a 50% stake in Peris
Over the past 10 years, Peris has led an aggressive consolidation strategy, acquiring competing businesses and sizeable garment collections, reaching c.10 million pieces from different historical periods
Peris has a presence in the most relevant production hubs across Europe
Process
DC Advisory acted as exclusive financial advisor to Peris on its debt refinancing
Peris has a complex capital structure comprised of long-term institutional debt, a long-term banks syndicate loan, working capital lines, and other bilateral long-term mortgages. There is a strong concentration on three entities: two leading banks in the syndicate loan, and the debt fund
The complex pool of lenders required a coordinated approach and a well-defined and coherent refinancing plan to reach a consensual agreement among all financing entities
After an initial analysis phase, DC Advisory started negotiations with the three top lenders. Once the plan was agreed with the main entities, DC Advisory coordinated the negotiation and execution of the agreement with the other lenders
Outcome
DC Advisory executed an agreement with all lenders which resulted in extended maturities, maintenance of commercial terms, and has not required additional guarantees or capital injections from the shareholders
