May 19, 2021

Milbank Advises Initial Purchasers on €470,000,000 Notes Offering by International Design Group (Carlyle/Investindustrial)

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Milbank LLP has advised the initial purchasers in connection with the offering of €470,000,000 Senior Secured Floating Rate Notes due 2026 by International Design Group S.p.A. (“IDG”), an Italian company beneficially owned by funds controlled or advised by The Carlyle Group and Investindustrial.

IDG and its subsidiaries are a leading global design group, designing, producing, distributing and selling high-end lighting and furniture products through three companies with prominent market positions and well-known brands: Flos, Louis Poulsen and B&B.  

The proceeds of the offering are being used to redeem IDG’s €320,000,000 Senior Secured Floating Rate Notes due 2025 (issued in 2018) and to fund the purchase price for its contemplated acquisition of YDesign Group, LLC, a leading e-commerce retailer in the U.S. online high-end lighting market, which is expected to complement IDG’s existing businesses and strengthen its U.S. and online presence.

The Milbank team was led by European Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis and Randy Nahlé and included associates Andrea Sorace, Anish Mohanty and Michele Scansani. Associates Laura Bonamis, Michael Poolton, Corey Spector and Cosmos Fung also provided valuable assistance on the offering.

This offering adds to Milbank’s bank and bond track record in Italy, which has recently included advising on the following committed financings and/or bond offerings:

  • an ongoing debut issuance by a leading Italian financial technology company in connection with its acquisition by an international investments group.
  • Rekeep S.p.A., the leading provider of facility management services and a leading provider of laundering and sterilization services in Italy, in connection with its refinancing.
  • So.Fi.M.A. Società Finanziaria Macchine Automatiche S.p.A. (a company jointly controlled by BC Partners and members of the Vacchi family) in connection with financing its public-to-private takeover bid for I.M.A. Industria Macchine Automatiche S.p.A, the packaging machinery manufacturer.
  • Forno d’Asolo S.p.A., a BC Partners portfolio company in the Italian frozen bakery industry, in connection with the financing of its acquisition of Pasticceria Bindi S.p.A., the leading Italian producer of frozen desserts.
  • doValue S.p.A., a leading servicer of non-performing loans in Southern Europe, in connection with the financing of its acquisition of FPS, the former loan servicing company of Greece’s Eurobank Group.
  • the financing of The Carlyle Group’s acquisition of Forgital, a leading manufacturer of components for the aerospace industry.
  • the financing of The Carlyle Group and Investindustrial’s acquisition of International Design Group S.p.A., one of the world’s largest design companies grouping together the high-end furniture and lighting brands B&B, Flos and Louis Poulsen.
  • the financing of Bain Capital’s acquisition of the specialty chemicals manufacturer Italmatch and follow-on acquisitions.
  • Unifrutti, one of the world’s leading producers and distributors of fresh fruit, in connection with its debut bond offering.
  • the financing of Bain Capital’s acquisition of specialty paper manufacturer Fedrigoni and follow-on acquisitions.
  • Pro-Gest Group, one of Italy’s leading producers of recycled paper, cardboard and packaging solutions, in connection with its issuance of senior secured notes to Carlyle Global Credit.