Portobello, the largest shareholder of Centros Supera, has requested a ransom of 15 million euros from Cofides
(29-4-2022) Sidecu, the management company of Supera, has asked Cofides for a participative loan worth 15 million euros to improve the treasury of the chain of gyms.
Supera follows in the footsteps of other gym chains such as Altafit, BeOne or DiR and has requested financing from Cofides. Sidecu’s fitness brand, a group owned by the investment fund Portobello Capital, has requested a loan of 15 million euros from the fund created by the Ministry of Industry, Fonrec (Cofides) to improve its treasury.
As CMDsport has learned from sources close to the operation, “it is not a rescue, but a participatory loan with very good conditions to improve the company’s liquidity.” Through this request, a convertible loan that could be transformed into capital if the time comes it cannot be repaid, it is intended that Supera, a company affected both by the pandemic and by the recent increases in energy costs, can recapitalize and have a greater financial room for manoeuvre. “There have been problems, and with this money you can act more quickly,” they explain to this medium.
As Sidecu has published, through a relevant fact in the MARF, “the company, by virtue of its normal activity and efficient business management, is analyzing the possibility of taking advantage of the financing line opened by Cofides, without even No final decision has been made at the time that entails the formalization of any commitment.
The ensign adds that, in the event that it finally opts for this option, which would imply additional indebtedness, “it will previously request the pertinent permission through the bondholders’ meeting, in accordance with the regulations of the bondholders’ syndicate of the issue Sidecu 2025 Senior Guaranteed Bonds”.
Supera reopened last week the pools and water areas of eight of the 12 facilities most affected by increases in energy costs. Last 2021, the gym chain grew by 22% and was close to 29 million euros, although it lost 8.27 million euros. In the first year of the pandemic, the brand halved its turnover, to 22 million.
From Supera they are waiting to know if Cofides will grant them this loan or not, although they still do not know the response times of the administration, which first has to study this operation in depth. For now, Cofides has granted 24.5 million euros to BeOne Serviocio.
Supera is more than 50% owned by Portobello Capital. A significant percentage of the company’s share capital is shared between the management team and other minority shareholders. That of Supera is the fourth request that Portobello makes to a recapitalization fund of the State enabled after covid. Previously, it had requested other loans, for a total value of 120 million euros, for the Bluesea hotel company, the Vivanta and Mediterranean Catering clinics, although to date none of these aids have been approved when there are two months left for Cofides to continue unlocking this type of aid.
BROSETA, ONE OF THE ADVISORS
The fund, enabled last summer, has been used by twenty companies, which have captured 270 of the total of 1,000 million euros enabled by the Ministry of Industry. To study these operations, the Fonrec is relying on a pool of financial and legal advisers, including the rating company Inbonis, the consulting firm Deloitte and the law firm Broseta. This last firm is the one that manages Fneid’s demands against the administrations for the closures decreed during the different states of alarm in the first year of the pandemic.
The average term to resolve this type of request is around two months, and although the advisers give their opinion, the final decision on whether or not to grant the loan concerns the Cofides Technical Committee of Investors.