Kirkland Advises Flint Group on €1.3 Billion Successful Recapitalisation

Kirkland & Ellis advised the Flint Group, a global leader in printing consumables and services to the packaging industry, in relation to its successful comprehensive recapitalisation of c.€1.3 billion of debt, effective 19 September 2023. The transaction was implemented fully consensually, with unanimous support from first lien lenders and second lien lenders, as well as the exiting shareholders.

The transaction materially strengthens Flint Group’s balance sheet and liquidity position. The operating group’s balance sheet benefits from a c.€760 million deleveraging, and the cash flow profile has been improved as a result of a reduction in debt service costs going forward. In addition, the Group has obtained €72 million of new liquidity provided by certain new shareholders as lenders under a super senior facility. The recapitalisation extends maturities by up to four years, ensuring that the Group remains on a strong financial footing and is well positioned for the future. Flint Group’s ownership has been transferred from the exiting shareholders to a consortium of investors led by Alcentra, Baring Asset Management, CVC Credit and KKR Credit.

The Kirkland team was led by restructuring partners Kon Asimacopoulos, Thomas Jemmett, Sean Lacey, Gabe Harley, Sarah Ullathorne and Leo Plank and associates Lynette Janssen, Krista Sirola, Fiona Ling, Georgina Vale, Johannes Lappe and Donatus Wang; debt finance partners Stephen Lucas, Sarah Goodwin, Natasha Smith and John Ilardo and associates Oliver Clayson, Emma Shi and Preston Loh; and tax partners Michael Ehret and James Seddon.