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H.I.G.-BAYSIDE-CAPITAL

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H.I.G. Bayside Capital Agrees to Sell Bodybell

H.I.G. Bayside Capital (“Bayside”), the distressed debt and special situations affiliate of H.I.G. Capital (“H.I.G.”), a leading global private equity and alternative asset investment firm with more than €20 billion of equity capital under management, announced that it has entered into an agreement with Douglas, the leading European retailer in the selective beauty market, to sell The Beauty Bell Chain, S.L.U. (“Bodybell” or the “Company”) after a successful restructuring of the Company’s operations.

Bodybell, founded in the 1970s, is a leading specialist distributor of perfumery and household products in Spain. The Company’s product range comprises selective and mass-market beauty as well as personal and home care products. Bayside acquired control of Bodybell through a complex financial restructuring that resulted in a debt-for-equity swap in 2015. Bayside also underwrote a new money facility to finance an ambitious repositioning plan that included store portfolio adjustments, a new management team and a new brand image for the Company.

The agreement is subject to a number of conditions, including merger control approval. The companies have agreed not to disclose financial details of the transaction.

Giuseppe Mirante, Managing Director of H.I.G. Bayside Capital , commented: “Bayside first acquired Bodybell debt in 2009 and subsequently injected new capital into the business as part of a debt for equity conversion, backing the operational restructuring of the Company amid increasing competition in its market. This exit proves Bayside’s ability to create value in complex special situations across Europe by leveraging off our local presence and by working in partnership with key stakeholders.”

Leopoldo Reaño, Principal of H.I.G. Capital in Spain , added: “This transaction underscores H.I.G.’s capacity to support the transformation and repositioning of leading companies facing temporary challenges and assure their long term success. With the European industry leader Douglas, we have found the ideal partner for the future of Bodybell, allowing the Company to move to its next stage of development and further build on its leading industry position. We are confident that this transaction will generate substantial value for all stakeholders.”

About Douglas

With about 1,700 stores in 18 European countries, Douglas is the selective beauty care market leader in Europe. Its multi-channel offering – which is well integrated across the stores, online shop and mobile application – as well as its continually updated offering of more than 30,000 products make Douglas the frontrunner in the growing selective beauty market. Supported by its about 18,000 highly qualified and committed employees, Douglas generated annual sales of about €2.7 billion in financial year 2015/2016. Douglas opened its first perfumery in Spain in November 1995. The local subsidiary currently counts 58 stores with about 300 employees.

About H.I.G. Bayside Capital

H.I.G. Bayside Capital, is the distressed debt and special situations affiliate of H.I.G. Capital. Focused on middle market companies, Bayside invests across several segments of the primary and secondary debt capital markets with an emphasis on long term returns. With eight offices throughout the U.S. and Europe and over 250 investment professionals to draw upon, Bayside has the experience, resources, and flexibility required to provide capital solutions quickly, and the strategic and operational expertise to help support its investments.

About H.I.G. Capital

H.I.G. is a leading global private equity and alternative assets investment firm with more than €20 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.

2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.

3. H.I.G.’s real assets funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of €28 billion. For more information, please refer to the H.I.G. website at www.higcapital.com .

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

Contact:

H.I.G. Bayside Capital
Giuseppe Mirante
Managing Director
gmirante@higcapital.com
or
Leopoldo Reaño
Principal
lreano@higcapital.com
T +44 (0) 207 318 5700
F +44 (0) 207 318 5749
www.higcapital.com

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