Sidley acted as lead adviser to Famar on the successful restructuring, recapitalization and strengthening of its capital structure. The restructuring was completed on December 11, 2018 and sees Famar's pre-existing financial debt obligations reduced significantly from €234 million to €118 million, with maturities on all substantial facilities being extended by six years. Famar’s new parent company, owned by Pillarstone, underwrote a new money super senior facility of up to €57.6 million to fund the implementation of Famar’s long-term development plan and working capital requirements.
Famar is a leading provider of contract manufacturing and development services to the pharmaceutical and health & beauty industry. In March 2017, Famar joined the Pillarstone platform, which was established by KKR and John Davison in 2015 to provide long term finance and operational expertise to help businesses grow and create value.
Sidley’s multidisciplinary London based team was led by Restructuring partner Jifree Cader and included partners Sava Savov (Private Equity), James Crooks (Global Finance), Oliver Currall (Tax), senior associates Kieran Sharma (Restructuring), Buvini Kularatne (Restructuring), Martin Michalski (Global Finance), Jason Menzies (Tax) and associates Dhevine Chandrapala (Restructuring) and Nils Gravenhorst (Global Finance).