Dutch Consumer Plastics Producer Keter Group 'B' Rating Affirmed On Plans To Acquire ABM Italia; Outlook Stable

On Dec. 5, 2016, BC Partners, the owners of Keter Group B.V. (Keter), reached an agreement to acquire ABM Italia, a manufacturer and distributor of consumer resin products from Clessidra Capital Partners and other minority shareholders. The acquisition will be funded by a €300 million tap issuance on the existing first-lien term loan facility and the injection of equity instruments from the existing shareholders. We are affirming our long-term corporate credit rating on Keter at 'B' as we view the acquisition as complementary to the existing business and expect accretive earnings will be generated as a result. The stable outlook reflects our view that upon completion of the acquisition, the management team will successfully integrate the operations, realizing revenue and

...+ On Dec. 5, 2016, BC Partners, the owners of Keter Group B.V. (Keter), reached an agreement to acquire ABM Italia, a manufacturer and distributor of consumer resin products from Clessidra Capital Partners and other minority shareholders. + The acquisition will be funded by a 300 million tap issuance on the existing first-lien term loan facility and the injection of equity instruments from the existing shareholders. + We are affirming our long-term corporate credit rating on Keter at 'B' as we view the acquisition as complementary to the existing business and expect accretive earnings will be generated as a result. + The stable outlook reflects our view that upon completion of the acquisition, the management team will successfully integrate the operations, realizing revenue and cost synergies, and record growth in the group's earnings and free operating cash flows. LONDON (S&P Global Ratings) Jan. 20, 2017--S&P Global Ratings today said it has affirmed its 'B' long-term corporate credit...

Ratings Action