Schulke Buyer Athos in Talks With Existing Lenders to Roll Over Commitments

Relevant Document: Annual Report 2021 (in German) Athos, the family office at the head of the consortium that is acquiring EQT’s German hygiene and infection prevention solutions provider Schulke, is in talks with existing lenders to renew the outstanding debt facilities under the new ownership structure, sources told Reorg. Schulke’s current debt consists of a €450 million facility provided by HPS, MV Credit and CDPQ, sources said. EQT acquired the business from Air Liquide in 2020 for around €1 billion, backed by a €350 million unitranche, as reported. HPS was the lead investor in the unitranche, while MV Credit also took a piece of the debt, as reported. This was later refinanced with a €450 million long-term loan in 2021, according to its annual report. Athos is the family office of the Struengmann family who made their fortune from the sale of generic drugmaker Hexal and were early backers of BioNTech, which had a key role in developing the Covid-19 vaccine, according to Forbes list. Schulke was marketed off EBITDA of €100 million for fiscal year 2023, as reported. EQT, Schulke, HPS, MV Credit, and CDPQ declined to comment. Athos did not respond to requests to comment. – Oscar Laurikka