S&P assigns Bruneau, loan B

S&P said it gave preliminary B ratings to Boost Holdings (Bruneau) and its planned €305 million term loan B due 2028.

“We think that the company will maintain its established position in the French office equipment online market, with good results over the past 18 months building on its wide product offering and commercial agility. We believe that Bruneau's business will expand modestly in the medium term on the back of GDP growth in its main market, favorable macroeconomic trends, some extension of its businesses outside France, and a focus on delivering high-quality customer services and marketing,” S&P said in a press release.

However, “the online market is very fragmented with several players catering for a wide variety of businesses and needs. This is creating fierce competition and we see new entrants or increased investment from larger competitors as a risk moving forward.”

Investment management firm TowerBrook Capital Partners is buying a majority stake in the company and refinancing Bruneau’s capital structure.

The outlook is stable.

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