Portugal Liquid Opportunities
Restructuring: Proven track record in implementing operational and
financial restructurings across a wide range of distressed assets
•
4 Real Estate Restructuring (Aquarius)
5
Corporate Restructuring (FRE)
Overleveraged but viable companies with high exposure to Portuguese banks, which are Limited Partners
Strategy
Highlights
•
Increasing recovery value (low target returns) through debt-to-equity conversions and operational
improvement programs
•
5 deals executed (2014-15) in distressed tourism
and real estate assets
2 divestments of 5-star hotels amid the
pandemic (2020 and 2021), after strong increase
on the level of quality and profitability
5 deals executed (2012-14) in overleveraged
industrial companies
3 divestments concluded to date, of which one
with IRR >40% and other with MOIC >2.0x
Portfolio
Sales
(€mln)
29
Entry (2014)
Portfolio
EBITDA
(€mln)
5
+77%
51
755
2019/Exit
Entry (2012-14)
+190%
15
20
20
+85%
1.395
+195%
2021 YE/Exit
58
59
Entry (2014)
20191/Exit
Entry (2012-14)
2021 YE/Exit
9
1. Aggregate EBITDA of the hotels exceeded break-even in 2020 and 2021, despite COVID-19. Zoom-in in the next slideView entire presentation