Bankinter and Magnetar Capital support Dinosol Supermercados in achieving its growth strategy
Bankinter, through its Investment Banking division, and Magnetar Capital have implemented a financial solution consistent with the requirements of the Dinosol Supermercados business and its shareholders.
The operation has been completed within the framework of the alliance that Bankinter and Magnetar Capital signed at the end of 2013 in order to provide financial solutions to Spanish companies.
Bankinter, through its Investment Banking division, and investment funds or companies managed or advised by Magnetar Capital (“Magnetar”) have successfully concluded the refinancing of part of Dinosol Supermercados' financial debt, providing a tailor-made solution for the company and its shareholders amounting to 60 million euros.
Thanks to this operation, Dinosol Supermercados optimises its capital structure, helping it to fulfil its business plan and to consolidate the growth strategy initiated in 2013 by the current management team.
The operation arises in order to respond to the needs of the food distribution group from the Canary Islands to repay its financial debt, which was limiting its capacity to operate and to take on debt and, therefore, its growth.
The solution provided by Bankinter and Magnetar has allowed Dinosol Supermercados to have a more robust capital structure, both for the business' current situation and in order to fulfil its strategic plan.
The operation was executed in two phases: the first, amounting to 40 million euros, served to refinance the financial debt that the current shareholders incurred to buy the company; the second, amounting to 20 million euros, made it possible to finance the purchase of Dinosol Supermercados' largest logistical centre, allowing the company to considerably reduce its rental costs.
All of this will have a direct positive impact on the company's EBITDA and cash-flow generation.
Bankinter and Magnetar have demonstrated their confidence in Dinosol Supermercados, ratifying the support that Bankinter has been offering the company since 2013 following its purchase by the current shareholders.
About Dinosol
Dinosol Supermercados, founded in 1978, is the leading food distribution company in the Canary Islands today. In 2014 it had 205 shops, 6,500 staff, 11,000 supplier references, sales amounting to 827 million euros and an EBITDA of 21 million euros.
About Bankinter Investment Banking
Bankinter, through its Investment Banking division, advises clients, investors, companies and management teams in Mergers and Acquisitions, Capital Markets and Structured and Alternative Financing operations, covering the whole range of activities related to these areas. Over the course of the 2015 financial year, the Investment Banking division has completed more than 40 operations.
About Magnetar Capital
Magnetar is a manager of multi-product and multi-strategy alternative investments which seeks stable returns adapted to its risk profile through the opportunistic employment of a wide variety of strategies focused on special situations, capital markets and energy. Magnetar invests throughout the capital structure of companies, both in public and in private operations, using both fundamental and quantitative analysis.
On 31 August 2015, Magnetar and its subsidiaries had approximately 14,600 million dollars under management. The company has its headquarters in Evanston, Illinois (USA), and its head offices in New York and in London. The London branch has been in business since 2006.