S&P affirms Stellagroup

S&P said it affirmed its B rating on Stella's intermediate parent company Stellagroup, as well as the B issue rating, with a 3 recovery rating, on the senior secured notes, including the proposed add-on.

The outlook is stable.

In April, Stellagroup announced that it would acquire CRH's Shutters & Awnings (S&A) operations, a leading manufacturer of shutters, awnings and garage doors in Western Europe. Stella is raising a €220 million term loan add-on as part of the acquisition, with its current shareholders also contributing through an equity injection.

“We believe the S&A acquisition will enable Stellagroup to enlarge its footprint in Western Europe, and gain size and scope, and note that the group's capital structure will remain highly leveraged,” S&P said in a news release.

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