Tikehau poised to take control of Tapí through debt restructuring deal

Private markets investor Tikehau Capital is in advanced discussions to take control of Italian bottle-cap manufacturer Tapí Group through a debt restructuring that would see it inject fresh capital into the business, according to a report by Bloomberg.

The proposed transaction follows months of negotiations between Tapí’s stakeholders after the packaging supplier encountered financial difficulties. Tikehau, which previously provided a €35m loan to one of Tapí’s holding companies, has been seeking control of the business since its financial position deteriorated.

The firm strengthened its position earlier this year by enforcing its debt claim over the holding company, setting up a dispute with existing owner Stirling Square Capital Partners over the future of the investment.

As part of the restructuring process, Tapí invited rescue proposals from a number of parties, including Tikehau, Stirling Square and two third-party investors. Tikehau’s proposal has reportedly emerged as the preferred option.

Under the proposed transaction, Tikehau would provide additional funding to support the company’s turnaround while seeking to restructure its balance sheet. The plan includes converting at least part of Tapí’s nearly €150m of bank debt into equity-like instruments, reducing the company’s leverage and improving its financial stability.

Tikehau has also increased its exposure to the business by acquiring interests in debt linked to the acquisition vehicle used by Stirling Square to purchase Tapí. The restructuring will still require the support of the remaining lending banks before it can be completed.

In a statement, Tapí said the proposed transaction would strengthen its capital structure, provide sufficient liquidity to support working capital requirements and execute its business plan, while safeguarding operational continuity.

The company added that the restructuring is intended to preserve the group’s industrial capabilities, maintain relationships with customers and suppliers, and protect employment.

Tapí’s financial difficulties stem from changing market conditions following the pandemic. After beverage producers built up inventories during the period of supply chain disruption, demand weakened as consumption normalised, leaving excess stock across the sector and reducing demand for bottle caps.