01.10.19
FullBeauty Brands has announced it has entered into a comprehensive restructuring support agreement with its debt and equity holders. Sales and customer service will continue without interruption, the company says.
The agreement was made with with key stakeholders, including its equity sponsors, Apax Partners and Charlesbank Capital Partners.
The restructuring transaction contemplated by the RSA will reduce FullBeauty's outstanding indebtedness by approximately $900 million, significantly strengthening the company's balance sheet and enhancing financial flexibility going forward. The transaction is expected to close in early 2019.
Emilie Arel, chief executive officer of the Company, said, "The agreement with our lenders and equity holders represents their support of our future success. We are fortunate that FULLBEAUTY has highly relevant brands and a dedicated customer base and I am confident that the outcome of this process will be a more sustainable and stronger company for our customers, employees, vendors and business partners."
