Investor Blackstone Hands Over Jack Wolfskin to a Group of Lenders

Private equity company Blackstone has reached an agreement to hand over Jack Wolfskin to senior debt holders in a debt for equity swap. The outdoor apparel brand found a solution in its financial restructuring process: “By reducing liabilities to its lenders, the company will obtain a debt cut of 255m euros, thereby reducing its liabilities from 365m euros to 110m euros, with maturity extended to 2022“.

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Jack Wolfskin is now owned by a consortium of investors and hedge funds. The largest new owners will be Bain Capital Credit, HIG / Bayside Capital and CQS, who collectively hold more than 50 percent in Jack Wolfskin. They will provide Jack Wolfskin with 25 million euros in the form of a super senior loan, strengthening the company’s liquidity position. Reactions can be read here