Is KKR’s bad bet in the beginning of the beginning of European private capital?

Lockdowns, KKR in late 2020, KKr struggled to plant his flag in one of the winning industries.

The private capital pioneer suggested that the German road Bike Maker Maker Canyon, Instagram’s girlfriend. However, the banks later closed the KCR transactions: Accel, the less model Dutch producer.

This caused an investment that could become one of the worst of the worst of the worst of the best in Europe.

KKR offered the largest shareholder in January 2022, Teslin, Teslin, consisting of 1.8 billion euros with the support of Teslin’s background. This month, a deal on how the Pandemia’s new technology will be accepted and constantly changed both business and rest habits, he said.

Until August, Accel Amsterdam came out of the stock exchange, central banks, the interest rate was struggling to increase inflation, and Russia’s energy expenditures were growing after the full occupation of Russia. The Dealming boom is over.

After a period of less than two years, ACCELL fought under the burden of their debts, such as Pandeme Pandemic sales. Bikemaker made a little choice other than to contact lenders for help. Last month, ACCELL finally signed a reconstructed agreement, which offers a lifeline line from 1.4 billion euros to 4.4 billion euros.

However, for KKR and Teslin, which holds a minority share in ACCELL, this candle was steep. Although the company continues control, duet, a group should have handed over about 20 percent of the shares in the lender, and KKR had to write the value of 1.1bn capital investment only 30 months ago.

Two partners who carried the agreement for KKR, not a person familiar with the cases, not related to the situation, he said. Next month, ACCELL will be owned by the KKR of the third chief executive.

Outside the influences of the ACCELL, ACCELL’s WOES, in the late 2020 and early 2022, a trillion dollar, which is a loan of a trillion dollar, offers early tasting the ahead pain.

“There will be a true settlement for the pandemic-period Vintage,” said Rasmussen, Dan Rasmussen, Boston Hedge Foundation.

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The quiet roads and quiet roads and gaps, the free time used by Covid-19 locks, burned a small fire under the cycling industry, helped to reduce the sale of ACCELL to 17.3 billion euros in 2020.

As KKR and Teslin launched their proposals in early 2022, they believed that there is still a place to improve the case. Accele was in a purchase of brands in England, Nordics, France and Germany. However, KKr saw the avenues for growth – also saw the operations to integrate and squeeze the terms better than suppliers and squeeze the terms better with the knowledge of the issue.

Timing was failed and the work was quick.

An Executive Executive in the Rival Bouple Group, another person who is cleansed by ACCELL for the job, because the case is “the most notable booming benefit from a boom”, the company’s investment was “the smartest company”, the company took the company at the summit. ”

KKR was injured in traditional bicycles after the pandemic and 4 percent of the traditional cycling sale of Accel in 2022. However, the US Private Capital House saw a bright future in E-Bicycles, ACCELL’s market leader.

That year, Accel’s e-bike sales growth was lower than expected, because the supply chain violations caused a lack of major components. And the procurement group did not assess how much other parts ordered in response to the company’s pandemic request.

Stocks are balloned. Accnent components of ACCELL increased by 50 percent in 2022, accounts and the collection of finished bicycles and other products almost twice.

Accell was not alone in ordering overdue order. The industry producers, “Kersten Heinee, a Mobility Industry Advisor in McKinsey, the post-coviet of the post-coward, the post-coviet of the Covenant, which is a mobility consultant.

To change the shares, Accel had to offer discounts in 2023. The income fell by 10 percent that year. In 2022, the impairment, which earns from the loss of 330 million euros, reduced the value of inventory.

In mid-2023, Accel appealed to shareholders to ask for more money. KKR and Teslin, before the restructuring, 50 million euros, including 50 million euros, including 300 million euros, was prepared for babies carrying children, and should be retreated due to security concerns.

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Accord is “very unusual” for a prestigious private capital company that lends a “very unhappy”, which is “very unhappy”, which is “very unusual”, which is “very unusual”, he said, he said two years after the purchase.

KKR, in 2022, was $ 700 million, 700 million euros received next to ACCELL, was $ 1.1 billion euros. During the bargain, the lenders receiving the procurement loan came to sell in September 2022, and the debt markets had a deep discount in debt markets.

Then, in June 2024, ACCELL was in reconstruction talks after making a new business plan of a bad bike season.

Among more than 20 meetings among the accords and loans, the company has incurred in October and announced that the operating company’s debts will be cut from 1.4 billion euros to 800 mn.

KKR and Teslin must have a large part of stock loans to capital for capital, according to two people familiar with the situation, restored with the rest. With the foreign loans, the group was 235 mn euros to continue the company.

KKR said that Accel is a “supportive shareholder”, “a” supported shareholder “with a deep market that affects the whole (BIKE) industry. “The management team, together with the improvement of operation for the last year, is an important stage to allow the transmission of the ACCELL to the delivery of ACCELL.”

Tjeerd Jegen, the leading CEO of Accele, said the company is a “a strong upgrade” brand brand and a significant portfolio. “

He can get the birth again. Last month’s rating agency Fitch has significantly reduced the company’s debt, and “high execution risks” were seen in the Turnaround Plan “Prevention of previous initiatives since 2022”.

Noting that the company’s higher administration has changed soon in a short time, a disappointing debt agreed. “KKR’s work in bicycle production is not good,” he said. And “still seems to be restored by the market.”

In order to enter the full re-institution of special capital purchases in the first pandemic period, Accel can be a kalahar in the Canary Coal Mining for the Pandemic Pandemic product in high-estimates. More in the United States began to get sour.

“The threat of the real problem for this cohort of transactions will be kept longer and expand more changes and debt deals,” said Vergad Rasmussen.

This month ago, a report published this month ago, Advisory Bain & Co. observed similarities to the Covenant Capital Foundation’s vines and the global financial crisis.

“Overnust of the vintages, over nine years, returned capital capital,” Bain celebrated: Two years long in the life of the normal private capital fund. Sample “In current portfolios, the capital is equally long, longer or longer, pay back, pay back,” said Bain.

In 2021 and 2022, the exceptional lifted during fever and high prices paying high prices for assets.

According to Bain, “What history tells us that these periods take time to take such periods.”