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Foundever Launches LME With Sponsor Contributing New Money to Maintain Majority Equity; Lenders to Receive Paydown, Takeback Paper, 35% Equity

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✨ Summary by AI at Octus
Foundever, a privately held call center operator, has initiated a liability management exercise involving a $225 million new-money injection from the Mulliez family, which will maintain a nearly 40% stake in the company. This transaction is anticipated to reduce debt by $900 million, decreasing gross leverage by 2.5 times. Lenders must consent to the transaction by July 24 to receive a 10% paydown, with equity distribution set at 35% for lenders and an additional 5% for SteerCo lenders. Benoit Leclercq will serve as interim CEO following the departure of founders Laurent Uberti and Olivier Camino, as Foundever continues to engage with financial stakeholders to renew its revolving credit facility.

Reporting: Robert Schach, Harvard Zhang, Patrick Fitzgerald, Geoff Burrows, Skylar Chen

Privately held call center operator Foundever launched its liability management exercise, which features a $225 million new-money injection from the Mulliez family in exchange for maintaining a close to 40% stake in the company, according to sources.

The transaction is expected to result in $900 million in debt reduction resulting in a 2.5x gross leverage decline, the sources said. Lenders need to consent to the transaction by Friday, July 24, in order to receive a 10% paydown, sources added.

Lenders will also share 35% of the equity and SteerCo lenders will receive an extra 5%, they added.

In addition, SteerCo lenders, for their part, will have 67.5% of their debt reinstated, while non-SteerCo lenders will get 57.5% of their debt reinstated.

Foundever is continuing to work with financial stakeholders and based on conversations with the RCF lenders, the company is confident the RCF will be renewed, sources said.

Octus previously reported on April 10 that the Mulliez family, shareholders of Foundever, was offering to inject $200 million of equity and to give lenders a close to 50% stake in the company in exchange for a 30% haircut and a 2.5-year maturity extension.

At the time, the Mulliez family was weighing a sale of Foundever to one of its larger peers, such as Concentrix, once a sustainable capital structure is put in place.

Last week, Foundever disclosed to lenders that Benoit Leclercq will serve as interim CEO with the call center operator’s founders Laurent Uberti and Olivier Camino set to depart the company on July 24. Leclercq has been chairman of Foundever’s strategy committee since 2021, and held senior roles at Creadev, Foundever’s sponsor, from 2011 to 2025, according to his LinkedIn page.

During Foundever’s first quarter of 2026, management reported EBITDA of $85 million declined 3.4% year over year from $88 million, while revenue also decreased 1.7% to $856 million from $871 million in the same comparison.

Foundever is being advised by Weil Gotshal and PJT Partners, while a majority group of lenders is working with Gibson Dunn and Lazard. A minority group of lenders is represented by Hogan Lovells Cadwalader.

An estimate of Foundever’s pre-transaction capital structure as of March 31, 2026, is shown below:

Foundever, as well as the advisors involved, did not respond to requests for comment.

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